Thread regarding Fannie Mae layoffs

Companies Rot from the Head Down

I was an executive at Fannie Mae for several years brought in after the financial crisis by another executive new to the organization. All was great until I attempted to make changes to improve the lack of controls that led (in part) to historical losses. Too many executives and managers that were the cause of the losses at the GSEs remained in place or were shifted to similar roles. They did everything they could to protect their turf and minions and cut the legs out from under those who actually knew how to save businesses from themselves.

Needless to say, I was called to the C-Suite on a Thursday afternoon, escorted into my boss's office where HR was waiting for me. I was asked to sign a separation agreement (I declined), asked to hand over my badge, phone, and computer. I said nothing during the 10 minute meeting while a hollow executive (my boss) who has since been promoted twice, pretended to be busy as HR droned on and on about my position being eliminated. At the conclusion, two (not one but two) security guards were waiting to walk me to my car behind the executive building.

If these companies (particularly Fannie Mae) become public, do not invest. The leadership remains incompetent, incestuous, and heartless. Put your money into companies that are true meritocracies, where weak management is thrown out when results stink, not moved to another role, and then still another, because they check some box that has nothing to do with results, leadership, or protecting the taxpayers.

Life is so much better in the real world. I can't believe I wasted 5 years fighting with these clowns. I should have known that the circus always has had clowns and always will!

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Post ID: @OP+11OY9p7W

11 replies (most recent on top)

@20ywn+11OY9p7W

You posted a similar comment on Freddie Mac and other pages here, almost like you want to drum up an anti-immigrant sentiment every where.

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Post ID: @2ovpr+11OY9p7W

Let them eat cake

Fannie Mae is controlled by indian bodyshops

Federal gov makes it cheaper to hire F1s and OPTs than US citizens. Also employees are effectively slaves to one company

About 10,000 per year subsidy. It is a disgrace

Note carefully that OPT did not arise out of legislation. Instead, the executive branch, many years ago, devised it on their own, declaring a post-graduation internship to be part of being a student. The original duration was one year, but was increased to 29 months by George W. Bush and then 36 months by Obama. the idea that someone graduating with a Master’s degree then needs a 3-year “internship” is preposterous.

We take jobs from our own students and give them to foreign students to increase the wealth of elites.

Fannie is a leader in outsourcing US workers

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Post ID: @20ywn+11OY9p7W

Hello contractor that is the story of many companies. Corruption comes from greedy humans, not from the company. What makes you think Fannie is untouchable...

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Post ID: @jhch+11OY9p7W

Even as a former contractor, I couldn't agree with you more. I will just add one more point. The incompetent managers have also turned contractors who jump between Fannie and Freddie. Others in the executive class who were let go during the crisis they caused run consultancies that 'provide' contractors for key roles in both organizations. They have also 'invaded' the board of MISMO, key positions in CSS etc.
So get this - the ones who were deemed to have corrupted secondary mortgage practices now decide the standards of mortgage operations and technology. If you think this is BS, look into A C T U A L 1 Z E Consulting, see who works for it, where they are at. The rot runs deep.

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Post ID: @grmp+11OY9p7W

There will be layoffs probably every pay period. They don’t do it rampant now. Just pockets here or there. Managers in Ops are next.

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Post ID: @8mdn+11OY9p7W

Likely that his or her period of staying quiet ended ........eventually probably had to sign to get severance.

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Post ID: @3nlr+11OY9p7W

There are no saints with any exceptions. Everyone is on the line these days.

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Post ID: @2tpc+11OY9p7W

“Getting rid of fat” = “trimming” = might be YOU next. Easy on the criticism.

Sounded to me like the ex-exec tried to do the right thing and was blocked.

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Post ID: @2jsw+11OY9p7W

Why this clown exec instead of taking responsibility is complaining now? How does Fannie suddenly become weak and incompetent since this person got let go. Fannie trying to get rid of fat to become an efficient and financially viable private company that can compete...

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Post ID: @2yfv+11OY9p7W

New job titles after the beginning of new year. More trimming on the way...

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Post ID: @1oci+11OY9p7W

Know if there will be any up coming layoffs?

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Post ID: @1vcb+11OY9p7W

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