| Freddie Mac |
8200 Jones Branch Drive,
McLean,
VA
22102 |
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www.freddiemac.com
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(703) 903-2000
Fax: (703) 918-8403
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A commercially traded, government-sponsored organization, Freddie Mac was created in 1970 by the Emergency Home Finance Act as a response to skyrocketing interest rates. Freddie Mac currently finances one out of every six homes in the U.S. for a total, to date, of over 18 million. Only about one-third the size of its "sister" company Fannie Mae, Freddie Mac attracts investors through its federally guaranteed securities. Though prohibited from making loans, the company buys closed mortgages from approved lenders, who are therefore able to extend more home mortgage loans.
While Freddie Mac is regulated by the Department of Housing and Urban Development, the company is not government-owned. The company secured its reputation in the early 1990s, when a government investigation into its financial health led to a glowing report that praised Freddie Mac for its sound and ethical business practices. Legislators are now attempting to eliminate the implication that Freddie's bonds are backed by the U.S. government. Numerous representatives are banding together to remove Freddie's and Fannie's $2.25 billion line of credit at the U.S. Treasury which they have never used, and to increase oversight of the companies' operations.
After releasing a study in 1999 declaring that half of African-American borrowers have bad credit, Freddie was subjected to charges of racism and incomplete reporting. The company has since joined with five black colleges to form a multi-million dollar Consumer Credit Initiative to educate minorities about credit and credit records. In 2000, Freddie collaborated in forming the Freddie Mac/Wall Street Project Minority Homeownership Initiative and commited to buying $1 billion in minority mortgage loans.
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Many Freddie Mac positions require previous experience, but a wide variety of temporary positions – which often lead to a full-time job offer – are open to recent college graduates. For a complete listing of current openings, consult the company's employment web page, located at www.freddiemac.com/jobs/, which frequently describes more than 100 openings. Applicants also have the option of calling Freddie Mac's main switchboard, which will connect them to a less-extensive recorded listing of job openings. Applicants should include the job code of the position for which they are applying and can submit their resumes via regular mail, fax, or e-mail.
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Freddie Mac offers "unimpressive" salaries, but it provides a range of "impressive" perks that include flexible schedules, a near-site childcare center, and even on-site dry cleaning pick-up. Working parents call policies such as these "crucial" to their ability to "simultaneously be productive workers and contend with the tribulations of parenthood." Employees also enjoy a "receptive" and "helpful" senior management, as well as the "beautiful, three-building campus" that Freddie Mac has recently constructed for its corporate headquarters. However, employees bemoan a "woefully formal" dress code; one points out that Freddie Mac employees "lost" their "casual Fridays" the same day that "sister" company Fannie Mae "went 100 percent casual."
Human Resources
Interest on mortgages;Interest on investments;Management and guarantee
Citicorp;Fannie Mae
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