Fannie Mae Plans To Cut Workforce

[OhioChick]

Source: WP

Tuesday, April 3, 2007; Page D01

Fannie Mae, the District-based mortgage funding company, plans to reduce its workforce by several hundred full-time employees by the end of this year, a company spokesman said.

The cuts are part of "an effort to streamline and improve productivity for our investors," Fannie Mae spokesman Brian Faith said.

The company employs the equivalent of about 6,500 full-time workers. About 5,300 are based in the Washington area.

The job cuts are part of an effort to save $200 million this year in operating expenses; administrative expenses alone totaled $3.1 billion last year. The company said in a recent financial report that additional cost reductions are planned for next year.



Read more: http://www.washingtonpost.com/wp-dyn/content/article/2007/04/02/AR2007040201455.html

[Epiphany4z]

1. oh joy

I have been trying to buy a foreclosed on house from them it is taking forever ..because they say they are so behind on paper work....this should speed things up nicely...lol