Fannie Mae Realigns Business, Cuts Hundreds

Posted by Orb Staff on January 26, 2009 No Comments
Categories : Mortgage Servicing

Fannie Mae is reportedly cutting several hundred positions as it realigns its operations to increase its focus on foreclosure prevention.

According to a Washington Post article, most of the cuts made by the government-sponsored enterprise are concentrated in the technology, administration, communications and single-family units. The company says it will hire Dallas-area workers for its anti-foreclosure division and that the new hires will total about as many positions as were cut.

‘As part of this effort, the company is planning to increase staffing levels in some areas – such as in our Dallas operations, where our foreclosure prevention and loss mitigation efforts are centralized – and reduce staffing levels in others to fully meet the company's primary objectives,’ Fannie Mae spokesperson Brian Faith says.

SOURCE: Washington Post

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