Fannie Mae Lay"s off 700 Employees .

[glenn walker]

Looks like Fannie and Freddie and HUD on the cut the waste agenda. More coming this month throughout the industry.

 

[Mejappz]

Shocking news about Fannie Mae involving fraud and unethical behavior say it isn't so.

Fannie Mae Layoffs: 700 Employees Dismissed, 200 Telugu Workers Accused of Misusing Grants Programme​

Fannie Mae, officially known as the Federal National Mortgage Association, has announced the layoff of 700 employees in the United States, including 200 Telugu workers, citing ethical violations. The layoffs stem from allegations of misuse of the company’s “Matching Grants Programme,” a scheme designed to support charitable donations. The decision has sparked widespread attention and scrutiny, particularly regarding the involvement of Telugu organizations like TANA (Telugu Association of North America) in the alleged misconduct.

The layoffs took place over two days, with 400 employees dismissed on April 3 and an additional 300 on April 4. Fannie Mae stated that these actions were necessary to address irregularities uncovered in its internal investigations. The company emphasized its commitment to ethical practices and accountability, highlighting the importance of maintaining trust within its operations.

Allegations Surrounding the Matching Grants Programme:​

The controversy centers around the misuse of Fannie Mae’s Matching Grants Programme, which allows employees to donate to charitable organizations with the company matching those contributions. Investigations revealed that some employees allegedly conspired with TANA and other organizations to exploit this programme for personal gain.

According to reports, the scheme involved employees donating money to TANA, which was matched by Fannie Mae under the programme. TANA would then return the donated amount to the employees privately while keeping the matching grant funds for itself. In some cases, employees reportedly demanded additional commissions for participating in this fraudulent activity. This unethical practice is believed to have resulted in millions of dollars being misappropriated over several years.

One of the laid-off employees held a regional vice president position at TANA, while another was connected to the American Telugu Association (ATA). These revelations have led to increased scrutiny of Telugu organizations and their financial dealings. As part of a larger inquiry into these activities, the North District of California sued TANA in December 2024 to produce documents related to donations and expenditures from 2019 to 2024.

Broader Consequences for Corporate Ethics:​

Fannie Mae’s decision highlights the importance of ethical practices within corporate environments, particularly in programmes designed to strengthen social responsibility. Misuse of charitable endeavors damages stakeholder trust in addition to weakening their stated goal.

For companies like Fannie Mae, addressing such violations promptly is crucial to maintaining credibility and ensuring compliance with regulatory standards. This incident serves as a reminder for organizations worldwide to implement robust oversight mechanisms that prevent exploitation of charitable programmes.

The layoffs also highlight broader challenges faced by immigrant communities in navigating cultural expectations while adhering to corporate ethics in foreign countries. As investigations continue into this case, it remains essential for all parties involved to prioritize transparency and accountability.

Fannie Mae Layoffs: 700 Employees Dismissed, 200 Telugu Workers Accused of Misusing Grants Programme - TechStory

Fannie Mae, officially known as the Federal National Mortgage Association, has announced the layoff of 700 employees in the United States, including 200 Telugu workers, citing ethical violations. The layoffs stem from allegations of misuse of the company’s “Matching Grants Programme,” a scheme...

techstory.in

 

[glenn walker]

Fannie--Freddie--HUD have been turned into social engineering political machines veering way off their original mandates to provide liquidity and stability in the mortgage market's.

 

[glenn walker]

The good news is the laid off can get unemployment for quite a while until they find new jobs. Many near retirement and been working from home.

 

[shrubberyvaluation]

Shocking news about Fannie Mae involving fraud and unethical behavior say it isn't so.

Fannie Mae Layoffs: 700 Employees Dismissed, 200 Telugu Workers Accused of Misusing Grants Programme​

Fannie Mae, officially known as the Federal National Mortgage Association, has announced the layoff of 700 employees in the United States, including 200 Telugu workers, citing ethical violations. The layoffs stem from allegations of misuse of the company’s “Matching Grants Programme,” a scheme designed to support charitable donations. The decision has sparked widespread attention and scrutiny, particularly regarding the involvement of Telugu organizations like TANA (Telugu Association of North America) in the alleged misconduct.

The layoffs took place over two days, with 400 employees dismissed on April 3 and an additional 300 on April 4. Fannie Mae stated that these actions were necessary to address irregularities uncovered in its internal investigations. The company emphasized its commitment to ethical practices and accountability, highlighting the importance of maintaining trust within its operations.

Allegations Surrounding the Matching Grants Programme:​

The controversy centers around the misuse of Fannie Mae’s Matching Grants Programme, which allows employees to donate to charitable organizations with the company matching those contributions. Investigations revealed that some employees allegedly conspired with TANA and other organizations to exploit this programme for personal gain.

According to reports, the scheme involved employees donating money to TANA, which was matched by Fannie Mae under the programme. TANA would then return the donated amount to the employees privately while keeping the matching grant funds for itself. In some cases, employees reportedly demanded additional commissions for participating in this fraudulent activity. This unethical practice is believed to have resulted in millions of dollars being misappropriated over several years.

One of the laid-off employees held a regional vice president position at TANA, while another was connected to the American Telugu Association (ATA). These revelations have led to increased scrutiny of Telugu organizations and their financial dealings. As part of a larger inquiry into these activities, the North District of California sued TANA in December 2024 to produce documents related to donations and expenditures from 2019 to 2024.

Broader Consequences for Corporate Ethics:​

Fannie Mae’s decision highlights the importance of ethical practices within corporate environments, particularly in programmes designed to strengthen social responsibility. Misuse of charitable endeavors damages stakeholder trust in addition to weakening their stated goal.

For companies like Fannie Mae, addressing such violations promptly is crucial to maintaining credibility and ensuring compliance with regulatory standards. This incident serves as a reminder for organizations worldwide to implement robust oversight mechanisms that prevent exploitation of charitable programmes.

The layoffs also highlight broader challenges faced by immigrant communities in navigating cultural expectations while adhering to corporate ethics in foreign countries. As investigations continue into this case, it remains essential for all parties involved to prioritize transparency and accountability.

Fannie Mae Layoffs: 700 Employees Dismissed, 200 Telugu Workers Accused of Misusing Grants Programme - TechStory

Fannie Mae, officially known as the Federal National Mortgage Association, has announced the layoff of 700 employees in the United States, including 200 Telugu workers, citing ethical violations. The layoffs stem from allegations of misuse of the company’s “Matching Grants Programme,” a scheme...

techstory.in

Why do we have 200 Telegu speakers...

 

[Fernando]

What is a Telegu?

 

[glenn walker]

Why do we have 200 Telegu speakers...

Some kind of grants given but I'm not familiar with the language.

 

[Surf Cat]

Looks like Fannie and Freddie and HUD on the cut the waste agenda. More coming this month throughout the industry.

Does this mean DW is going to be doing Hybrids?