Fannie Mae
Headquarters:
3900 Wisconsin Ave. NW
Washington, DC 20016
Employees: 6,600
CEO: Herbert Allison
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.
In September, the federal government announced
it would take over Fannie Mae due to tens of billions of dollars
in mortgage-related losses. Herbert Allison was named the new
CEO of the company.
Fannie Mae does not make home loans --
it helps mortgage lenders serve homebuyers. By serving more than
1,000 lenders nationwide, large and small, Fannie Mae helps to
make home financing more possible for families from all walks
of life across America.
Fannie Mae also helps finance affordable
housing and community development projects, working with local,
state and national housing partners. The company's goal is to
help lenders and housing partners put more families into homes
and keep their homes, and to expand the nation's stock of quality
affordable housing.
The company has headquarters in Washington,
D.C., offices in Atlanta, Chicago, Dallas, Pasadena, and Philadelphia,
and 55 Community Business Centers across the nation that offer
three services to the market:
- Mortgage-backed securities. Our credit guaranty business, launched in 1981,
helps lenders package mortgages into mortgage-backed securities,
and ensures their credit quality. This enhances the marketability
of the securities, allowing lenders to sell the mortgages they
originate more easily and replenish their funds to lend.
- Mortgage investments. Our original business since
1938, Fannie Mae's mortgage portfolio business raises capital
by selling debt securities to investors across the nation and
around the world. We use the funds to purchase mortgage assets
from lenders and the open market. This also helps lenders replenish
their funds to lend.
- Multifamily housing investments. Fannie Mae also
helps lenders finance the development of apartment buildings
and other rental housing, especially affordable rentals.
The company has been hurt by the collapse
in the sub-prime mortgage market. Fannie Mae reported revenues
of $10.9 billion and a loss of $2.7 billion in 2007.
During 2007, Fannie's top five lender customers
accounted for approximately 56% of its single-family business
volume, compared with 51% in 2006. Countrywide Financial was
Fannie's top customer.
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.
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 September 10, 2008
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