Headquarters: 8250 Jones Branch Dr.
McLean, VA 22102
CEO: Charles Haldeman
Stock Symbol: Over the counter
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.
The Federal Housing Finance Agency became conservator for Freddie Mac on Sept. 6, 2008. The U.S. government has been providing funds for Fannie Mae to continue operating after heavy losses in the mortgage market.
Since Freddie Mac was created in 1970, the company has provided a continuous and low-cost source of credit to finance America's housing by:
- Making mortgage funds available whenever and wherever Americans need them by linking the worldwide capital markets to the U.S. mortgage markets
- Providing a continuous, reliable and low-cost flow of mortgage capital to finance housing for the nation's homebuyers and renters
- Bringing the benefits of the market in which we operate-the secondary mortgage market-to families and communities across the nation
Freddie Mac conducts its business primarily by buying mortgages from lenders, packaging the mortgages into securities and selling the securities - guaranteed by Freddie Mac-to investors. Mortgage lenders use the proceeds from selling loans to Freddie Mac to fund new mortgages, constantly replenishing the pool of funds available for lending to homebuyers and apartment owners. Just as stock and bond markets have put investor capital to work for corporations, the secondary mortgage market puts private investor capital to work for homebuyers and apartment owners, providing a continuous flow of affordable funds for home financing.
In 2009, Freddie Mac reported revenues of $14.3 billion. It financed 2.2 million single-family homes and 253,000 multi-family units. The firm lost $21.6 billion in 2009.
Freddie Mac offers a comprehensive choice of medical options, as well as dental and vision coverage.
- Medical Coverage: We offer several medical options, including two types of preferred provider organizations (PPOs), an Exclusive Provider Organization (EPO), an out-of-area option (OOA) and a Health Maintenance Organization (HMO) in the Mid-Atlantic region for employees and eligible dependents.
- Prescription Drug Coverage: Our medical carriers administer coverage. We offer competitive triple tier co-pay for our PPO and EPO coverages and basic copays for our Mid-Atlantic HMO.
- Dental Coverage: Our plan provides for a wide variety of dental services, including preventative care, therapeutic care, restorative services and orthodontia for dependent children.
- Vision Coverage: Our plan provides coverage for eye exams, eyeglasses and contact lenses.
- Occupational Health Unit: Available in our Northern Virginia home office, services include workstation evaluations.
Disability Coverage: A disabling illness or injury can be financially devastating and that's why at Freddie Mac, we provide disability coverage to provide replacement income if an employee is out of work due to an eligible non-work related injury or illness.
- Short Term Disability: Provides income replacement for the first 180 days of disability, benefits are based on length of service at Freddie Mac.
- Long Term Disability: Provides income replacement for those approved for more than 180 days. Core coverage provides benefits equal to 60% of basic monthly earnings. Employees may elect to purchase an additional 10%, bringing total coverage to 70% of basic monthly pay.
Group Term Life Coverage: Eligible employees are provided core coverage of one times base pay and may purchase an additional two or three times base pay. FlexDollars are provided to offset the cost of this benefit.
Accidental Death & Personal Loss Coverage: This benefit provides coverage in the event of death or dismemberment. Employees may elect between one and four times base pay. FlexDollars are provided to offset the cost of this benefit.
Group Universal Life Insurance: This benefit is provided through Aetna for those employees that wish to purchase additional insurance coverage. Employees may elect coverage between one and five times base pay. This insurance option is also available to spouses and children, based on certain provisions.
Business Travel Accident Coverage: This benefit provides employee-only coverage for accidental death or dismemberment, while traveling on Freddie Mac business. Freddie Mac pays the full cost of this plan.
Wellness Center: Freddie Mac recognizes the importance of employee wellness and health, and is committed to helping employees maintain a healthy lifestyle. Our on-site health care facility, the Freddie Mac Wellness Center, provides medical care and health education to employees at no cost.
Flexible Spending Accounts: Employees can take advantage of before-tax flexible spending accounts to save money on eligible expenses.
- Health Care Spending Account: Employees can use this for eligible expenses that the medical, dental and vision plans do not cover or cover only in part, including deductibles and co-payments.
- Dependent Care Spending Account: Employees can use this for eligible expenses related to child or other dependent care (such as care for an elderly parent or disabled dependent) that enables the employee and spouse (if married) to work or attend school.
Employee Assistance Program: This program provides free, confidential assistance to employees and their eligible family members during times where professional assistance can make a difference.
Educational Assistance Program: This program provides reimbursement for accredited colleges, universities or certification courses that enhance employee's skills in their present position or that prepares employees for a realistic future assignment at Freddie Mac. Employees are reimbursed up to $5,250 annually (pro-rated for part-time employees) for eligible expenses.
Adoption Expense Reimbursement Program: This program provides for reimbursement to eligible employees who adopt a child.
Long Term Care: This program is an employee pay all insurance plan to help fill the gap where medical plans and government programs do not provide coverage for extended care.
Computer Purchase Loan Program: Through this program, employees may purchase a home computer with an interest free loan from Freddie Mac between $500 and $3,000.
Fitness Center: Freddie Mac provides an on-site fitness center facility in the home office for most Northern Virginia employee's use.
Regional Health Club Reimbursement: For employees that work outside of the Northern Virginia area, Freddie Mac provides for annual reimbursement for expenses incurred for health club membership. The program is not restricted and allows employees to join a health club of their choice.
Concierge Services: This benefit is provided to employees and members of their household. There is no cost for accessing the site and using the search tools and taking advantage of the recommendations made by the concierge.
Employee Home Benefit Program: This program helps make home possible for employees who are first-time homebuyers by providing a forgivable benefit that may be used for their down payment, closing costs, or loan origination fee and/or discount points. The program also provides homeownership education for all employees.
Back-Up Childcare: This service is provided to employees whenever their regular childcare arrangements are unavailable. This may be when their regular provider is ill or on holiday. Employees can also use the center to support flexible work arrangements, when returning from maternity leave or when schools are closed.
LifeWorks: This program is a confidential service that offers practical solutions, online resources, one-on-one consultations, and materials on a variety of personal, family and work issues.
Lactation Program: This program is provided to female employees and has three distinct parts; Prenatal Breastfeeding Education, Telephone Support Following the Birth of the Child and Return-to-Work Consultation.
Lunchtime Seminars: We offer lunchtime seminars that provide information and support to employees for work life balance.
Vacation: Freddie Mac offers a combination of core vacation and additional vacation that may be purchased. In their first calendar year at Freddie Mac, employees accrue 10 days of vacation; 15 days if the employee is considered a mid-career hire. Both rates are prorated based on the date of hire. In subsequent years, all employees receive 10 days core vacation and may purchase up to an additional 15 days; to total at 25 days vacation per year. Starting in their second year of employment, employees considered as mid-career hires receive FlexDollars to offset five days of the cost of vacation. All eligible employees receive FlexDollars to offset the cost of vacation, subject to years of service.
Holidays: Freddie Mac observes scheduled Federal holidays and four discretionary employee-chosen holidays each year, if hired prior to July 1.
Sick Leave: Full-time employees accrue sick leave during their first year of employment and receive eight days of sick leave per each subsequent year. Carried over sick leave is capped at 2 days for a maximum of 20 days. Part time employees receive five days of sick leave per calendar year and may carry over a prorated amount of days based on regularly scheduled hours. Employees may take up to four days per year for an in illness in their immediate family.
Adoption Leave: Eligible employees can take up to 30 business days of paid leave to care for a newly adopted child.
Jury Duty Leave: An employee may take leave to perform jury duty at the employee's regular rate of pay.
Bereavement Leave: Freddie Mac provides up to three days leave when a death occurs in the employee's or spouses immediate family or anyone living in their household.
Military Leave: Freddie Mac employees are entitled to take leave from their Freddie Mac employment to serve in the uniform services consistent with the requirements of the Uniform Services Employment and Reemployment Rights Act.
Thrift/401(k) Savings Plan: Freddie Mac's Thrift/401(k) Savings Plan consistently ranks among the very best in the nation. Employees are eligible to contribute between 1-15% on a pre-tax basis shortly after their date of employment. In their second year of employment, employees are eligible to contribute on an after-tax basis and begin receiving matching contributions and become eligible for an annual contribution, we refer to as our Basic Contribution. The Freddie Mac match is a step match-formula, which provides 50 percent, 75 percent or 100 percent, up to 6% of pay, based on our employee's years of service. Employees are automatically vested in Freddie Mac match and are fully vested in the Basic Contribution after five years. The plan also allows for rollover contributions, loans and withdrawals, subject to IRS restrictions.
Pension Plan: In addition, to our Thrift/401(k) Savings Plan, we offer a traditional pension plan as part of Freddie Mac's retirement package. Employees become eligible for the Pension Plan, after meeting one year of eligibility and attainment of age 21. The formula is based on age, salary and length of service. We allow access to the Pension benefits as early as age 55 and five years of service; normal retirement is age 65.
Updated April 18, 2011
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