Firings at Fannie Mae

[Sadie]

Fannie Mae dismisses senior staff in another leadership purge​

Fannie Mae dismissed at least 10 senior executives this week in another wave of turnover at the government-sponsored mortgage investor.

A source with direct knowledge of the situation confirmed that the employees were based in the company’s Washington, D.C., headquarters and were terminated within a three-hour window on Wednesday. They attributed the layoffs to much of the work now being done by artificial intelligence.

The source also indicated that headcount reductions may continue, telling Scotsman Guide, “Who knows what the future will bring.”

Industry sources have expressed concern about the recent personnel changes.

“A brain drain of qualified, experienced people could adversely affect Fannie Mae’s ability to respond to market developments, monitor risk or execute on mortgage purchases — at a time of rising mortgage rates and continued homeownership affordability challenges,” noted one mortgage veteran.

https://www.scotsmanguide.com/news/fannie-mae-dismisses-senior-staff-in-another-leadership-purge/

 

[glenn walker]

Fannie Mae dismisses senior staff in another leadership purge​

Fannie Mae dismissed at least 10 senior executives this week in another wave of turnover at the government-sponsored mortgage investor.

A source with direct knowledge of the situation confirmed that the employees were based in the company’s Washington, D.C., headquarters and were terminated within a three-hour window on Wednesday. They attributed the layoffs to much of the work now being done by artificial intelligence.

The source also indicated that headcount reductions may continue, telling Scotsman Guide, “Who knows what the future will bring.”

Industry sources have expressed concern about the recent personnel changes.

“A brain drain of qualified, experienced people could adversely affect Fannie Mae’s ability to respond to market developments, monitor risk or execute on mortgage purchases — at a time of rising mortgage rates and continued homeownership affordability challenges,” noted one mortgage veteran.

https://www.scotsmanguide.com/news/fannie-mae-dismisses-senior-staff-in-another-leadership-purge/

10 is nothing for a operation that big most probably retirement age leaving anyways but a positive to much dead weight.