Fannie Mae Cuts at Least 10 Senior Jobs as FHFA Pushes Rapid Overhaul
Updated
Updated · Yahoo Finance · Aug 21
Fannie Mae Cuts at Least 10 Senior Jobs as FHFA Pushes Rapid Overhaul
3 articles · Updated · Yahoo Finance · Aug 21
Summary
At least 10 senior Fannie Mae employees were cut this week, with several officials told Wednesday that their positions had been eliminated, the Wall Street Journal reported.
Those departures hit many top leaders at a company central to U.S. housing finance, raising industry concerns that turmoil could weaken support for mortgage pricing and market activity.
Fannie Mae and Freddie Mac buy mortgages, package them for investors and guarantee payments on defaults, a system that helps lenders offer 30-year fixed-rate loans.
The shake-up comes as FHFA chief Bill Pulte accelerates changes at both firms—removing directors, naming himself board chairman at each and pressing for them to become publicly traded—while housing-market uncertainty persists.