Freddie Mac Layoffs Next Week
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Anonymous
| Source on the managerial team in multifamily division says they are preparing to give pink slips to 600-700 people this week. |
Anonymous
| Which departments? |
Anonymous
What source? What about Fannie, |
Anonymous
| Oddly enough someone posted almost this exact same thing on reddit. |
Anonymous
| Looking forward to our secondary mortgage market falling apart. Wheee. |
Anonymous
|
long overdue. multi family is not even part of the core mission. it functions to provide cheaper loans to big business investing in apartments. it is corporate welfare on the backs of US taxpayers.
dont believe the nonsense from the special interests that want their cheap loans. |
Anonymous
|
You do know Friday is May 1st. Unless Freddie changes severance policy they are actually very generous with severance.
If I was in charge I would want to act by April 30 this Thursday. A lot of workers get four weeks per year severance and they usually pay out prorated bonus. So if that is the case they get 5/12s of bonus for 2025 if laid off on Thursday April 30. Plus four weeks per year. The four weeks per year (can be a bit more or less) is calendar based. Has to be a full year to the day. They round down. No one works there on Fridays a BS day. So Friday is May 1st. No point dragging it out as no one is quitting who thinks they might get severance. So longer you wait more you owe them. The cut off to get a bonus is October 1st. A smart company would do a big layoff now in Spring and if over terminated in Fall after October 1st bonus cut off start backfilling for positions you should have kept. Sets up 2026 for success. You ate severance and bonus charges in 2025. 2026 bonus pool much smaller. If they went back to single family primary 30 year mortgages only they would need a lot less. |
Anonymous
| Is the layoff only for multi family dept? Or other depts as well? |
Anonymous
Some posted it’s across the entire company |
Anonymous
| Is Fannie Mae in the same boat or are folks safe at Fannie? |
Anonymous
I’m curious too but maybe start a new thread |
Anonymous
During one of the many layoffs in 2010’s, I was in meeting with my manager and he discussing when to fire a person on pip. Both my vp and hr had me do before the subsequent month so one less month of health care paid for. They discussed as though it was policy and done before. I was silent . What a great organization. Same folks that told me to overhire h1bs and then fire 1/3 within 2 weeks. So as to not waste time on phone interviews Again. What a great US corporation |
Anonymous
|
One Thanksgiving week on the Wed morning we let go all the contractors we could and told them to return day after Martin Luther King Day so save money.
That same day we laid off 40 employees. Reasoning between Thanksgiving and Martin Luther King Day not much work done so get them off books by year end. We back filled most of them by April and new hires got prorated bonuses the next year. |
Anonymous
| One can imagine how many other games these two companies are playing. Using their govt backed monopoly profits to squander money. |
Anonymous
| Freddie is a terrible place to work. |