Thread regarding Fannie Mae layoffs

2015 Vindictive Layoffs

We had an unexpected layoff in October within our department in the Dallas office that appears more and more as a vindictive retaliated layoff than the normal reduction in force. Several people were affected and were informed that there was a layoff due to reduction (Non Performance Related) in workload. All evidence leads to a retaliation strike against those who discussed abusive practices on multiple occasions against their manager from HR. Red Flags were were popping up all over the place when training's were not provided, lack of communication, favoritism, cancelling one on one''s and performance reviews. Those that were targeted were informed everything was okay and no expected lay-offs in our department as we were a revenue producing department. All have one thing in common, at one point in time went to HR for advice.

This may be why we were informed to NOT communicate with coworkers still employed. Close friends of management, executives and people too afraid to stand up to the unprofessional conduct were spared...for the moment anyway.

While most managers are extremely professional and respectful, all it takes s one to corrupt a department. I was blindsided by this type of non professional demeanor, unprofessional comments, sharing layoff stories of other employees and medical histories along with veteran dislike. I really had high hopes for my career with high performance reviews and annual overall performance reviews. Never missed a bonus, never written up and always met expectations. I strongly feel as if I would have been with a different department I would still be a valuable asset to the company and not diminish my goal of stabilizing myself in today's rough economy with Fannie Mae.

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Post ID: @OP+EPKQbaQ

4 replies (most recent on top)

This feedback is all great yet terrible at the same time and I feel sorry for the employees impacted by this devastation so close to the holidays. Fannie Mae and Freddie Mac have a superior reputation for bringing in more friends /family instead of well rounded experienced employees. Also most large companies HR departments have the better interest of the company in mind unless there is suspicion of a potential lawsuit where a manager has slipped abruptly. Its a known fact that if you go to HR, expect your career line to be diminished quickly.

To understand how politics at their finest operate, one would need to work there in order to understand that most of the process is automated, scripted and doesn't require much thinking or an IQ to be successful.

Its almost reflects a short term retirement home for mortgage career based workers that put their time and energy into the real world, flipped a coin and a stroke of luck know somebody within the company. Where knowledge, hands on training, licensing and continuing education is a requirement and crucial in handling mortgage documents, this is not the case at the GSE's. While its true that lenders and investor play by different rules than normal servicing organizations, you have to applaud Fannie/ Freddie for putting in such a fool proof system to minimize human error,

With these organizations are more friends and family based, the particular REAM/Credit division you refer to is very in law based and unfortunately one needs to have a manager in their back pocket in order to survive at Fannie Mae. This is the nature of the beast in large entities such as the GSE's and if you are not concerned or unable to become part of the in crowd, well don't fancy up your desk or office because your time there is short lived.

prayers go out to the employees that were not immediate family members or friends of the management team.

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Post ID: @1kqc+EPKQbaQ

I know this department! What you referenced makes sense as there is normally an internal email that goes out to all employees of the sudden reduction within a department. Only a brief meeting and there was no email sent as we were informed not to ask too many questions. There is several issues that supports an unethical layoff but the biggest one cannot be answered. If there was a mass reduction in workload and 3 FULL TIME employees were laid off (And confirmed in the exit interview this was NOT due to performance issues), then why were 3 employees from borrower eligibility of loss mitigation brought to the Credit department in which two were CONTRACTORS?!? One which was brought on as a full time employee which now seems as this in replacement of an already full time employee days following the layoff.

When asked to determine the decision factors behind the employees picked, this was immediately shut down and not open for discussion. These employees were targeted and eliminated on an in office management discriminatory hit, Very very shady and not of Fannie Mae ethics by any means. Yet I strongly feel this departments leadership does not follow Fannie Mae's code of conduct and their manager has had several HR complaints that have been overlooked. I even overheard a severe racist comment regarding an employee leaving for ISIS. This is sad and horrible to have happen in such a great company and overlooked.

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Post ID: @1gbz+EPKQbaQ

WOW

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Post ID: @psb+EPKQbaQ

I heard of similar instances in the CREDIT/REAM department where it was more friend protected and oriented instead of knowledge based. The Escalation manager was extremely rude and nonprofessional. Promoting those who he favored, fluffing numbers and distancing himself from various employees that he disliked. I did nto work in that department but heard the horrifying retaliation practices and bully methods he used. I believe his last name was Bryant.

I avoided him at all costs. More of a debt collector instead of a representative of Fannie Mae for sure.

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Post ID: @hqy+EPKQbaQ

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