Fannie Mae, the mortgage-finance giant under federal control, fired several hundred employees Friday at its Washington headquarters.
Fannie plans to hire a similar number of people in the Dallas area, where the company bases its anti-foreclosure unit.
Fannie Mae has about 5,500 employees. Fannie Mae and sister company Freddie Mac were seized by federal regulators in September. The companies own or guarantee around half of the $11.5 trillion in U.S. mortgages.
A post on istockanalyst.com makes an interesting point:
Pretty words to basically say, “We’re trying desperately to stay afloat in this mess we created.”
Read the full article: Fannie Mae Isn’t Anymore Healthy Than Before Washington “Helped” It Out. One thing is certain, foreclosures are on the rise and Fannie Mae and Freddie Mac, have a long bumpy road ahead of them.
Related news articles:
Fannie Mae should be ashamed of themselves.. It amazing how the Officers are still employed but the folks that work are the employees they wer FIRED! Remember what comes around goes around!
Read this Associated Press article! While Fannie Mae top execs are not still in place, this article reveals how most of the senior banking executives that have held positions since 2006 (the ones who made the bad decisions) are still on the job (nearly 9 out of 10!). These are the people who are handling the bailout money — I guess now we’re hoping they get it right this time! Really interesting article. http://www.google.com/hostednews/ap/article/ALeqM5itTIZY70A6Yd6yuMABNyGvmr_efAD95VN0RO3
My husband worked for Fannie Mae for over 12 years and didn’t know the layoff was coming. He worked long hours and never complained and on Friday, January 23, he was told his job is ONE. We purchased a new home last year using Fannie Mae’s EAH and now we are recving dunning letters from their collection agency indicating we need to pay our monthly bill two days after he was laid off. My husband has been so depressed after this lay off and we are concerned over how we will make it. I guess we should be happy we did rec’d an opportunity to continue health care called CORE and how do they think people can pay that huge amount without an INCOME!