Industry News

Fannie Mae plans to lay off ‘several hundred’ workers

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Mortgage repurchaser Fannie Mae says it will lay off several hundred employees by the end of the year as a cost-cutting measure, confirming a March 27 Washington Examiner report based on an internal company memo. Fannie Mae is still working out the details of a plan to cut $200 million in operating expenses, but it will include the elimination of "several hundred" full-time positions, company spokesman Brian Faith told the Associated Press today. The Washington Examiner reported last week that it had obtained a March 19 letter in which Fannie Mae Chief Executive Officer Daniel Mudd told the company's 6,500 employees the same thing. "Even as we continue to hire for critical positions in areas such as finance, risk and internal audit, we will be looking to become yet more efficient," Mudd said in the letter. "Thus, it is likely that we will end the year with several hundred fewer employees than we have today."...