Freddie Mac
Headquarters:
8250 Jones Branch Dr.
McLean, VA 22102
Employees: 5,400
CEO: David Moffett
Stock Symbol: FRE
Website:
http://www.freddiemac.com
Career
Site
Freddie Mac is a stockholder-owned corporation
chartered by Congress to increase the supply of funds that mortgage
lenders, such as commercial banks, mortgage bankers, savings
institutions and credit unions, can make available to homebuyers
and multifamily investors. Its name stands for Federal Home Loan
and Mortgage Corporation.
In September, the federal government announced
it would take over Freddie Mac due to tens of billions of dollars
in mortgage-related losses. David Moffett was named the new CEO
of the company.
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 2007, the company reported revenues
of $42.9 billion and net loss of $3.1 billion due to troubles
in the mortgage industry. It was the most severe housing correction
since the Great Depression. Freddie Mac had total assets of $794.8
billion at the end of the year.
Freddie Mac financed homes for approximately
3.6 million families last year.
Benefits
Health Care
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.
Employee Stock Purchase Plan: Freddie Mac's employee stock
purchase plan allows our employees to purchase Freddie Mac stock
at a 15 percent discount.
Updated September 10, 2008
|
|
