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Fannie Mae

Headquarters: 3900 Wisconsin Ave. NW
Washington, DC 20016
Employees: 6,000
CEO: Michael Williams
Stock Symbol: FNM

Website: http://www.fanniemae.com

Career Site

Fannie Mae is a financial services company serving the American home mortgage industry. Fannie Mae offers banks and other mortgage lenders financing, credit guarantees, technology and services so lenders can make more home loans to more consumers.

Fannie Mae has three lines of business - Single-Family, Housing and Community Development and Capital Markets - that provide services and products to lenders and a broad range of housing partners. Together, these businesses contribute to the company's chartered mission to increase the amount of funds available in order to make homeownership and rental housing more available and affordable.

The Federal Housing Finance Agency became conservator for Fannie Mae on Sept. 6, 2008. The U.S. government has been providing funds for Fannie Mae to continue operating.

Fannie Mae reported a net loss of $72.0 billion for 2009 due to heavy losses from defaults and foreclosures in the mortgage industry.

History

In 1938, the Federal government established Fannie Mae to expand the flow of mortgage money by creating a secondary market. Fannie Mae was authorized to buy Federal Housing Administration (FHA)-insured mortgages, thereby replenishing the supply of lendable money. Fannie Mae stands for Federal National Mortgage Association.

In 1968, Fannie Mae became a private company operating with private capital on a self-sustaining basis. Its role was expanded to buy mortgages beyond traditional government loan limits, reaching out to a broader cross-section of Americans.

Today, Fannie Mae operates under a congressional charter with a goal of increasing the availability and affordability of homeownership for low-, moderate-, and middle-income Americans.

In September 2008, the federal government announced it would take over Fannie Mae due to tens of billions of dollars in mortgage-related losses.

Benefits

Career Development
We offer career development opportunities that include training and workshops, a curriculum focused on computer and information systems professionals, job rotations, and corporate and peer mentor programs.

Spotlight Benefit: Our Assistance for Collegiate Education (ACE) program provides regular full-time and part-time employees, who meet minimum weekly work hour requirements, with financial assistance to further their education in college/university degree programs.

Health Benefits
Our health benefits are available to employees, their spouses or domestic partners, and eligible dependents. Aside from a range of health, dental, and life insurance, we offer short- and long-term disability, prescription drug plans, and vision care coverage.

Spotlight Benefit: Free on-site health and fitness assessments are offered throughout the year; employees who participate earn a "healthy living day" to use as they wish.

Financial Benefits
The financial benefits offered to all employees include our Employee Stock Ownership Plan, Employer Assisted Housing, 401(k) plan, and retirement preparation.

Spotlight Benefit: Fannie Mae's retirement plan is a company-funded plan that offers eligible employees a regular monthly income upon retirement.

Family and Lifestyle Benefits
Our family and lifestyle benefits help employees balance their career and personal needs to enhance their lives and enable them to perform their jobs better. We offer a package of paid vacation days and holidays as well as time off for volunteer activities. We also offer casual business dress, flexible work arrangements, and elder care.

Spotlight Benefit: Time off for new parents includes 10 to 12 weeks paid maternity leave, 4 weeks paid paternity leave, and 4 weeks paid leave for adoption. Our Phase Back to Work for New Parents program helps makes it easier to return to work following the birth or adoption of a child.

Updated May 18, 2010

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