There are newer employer reviews for Fannie Mae

8 people found this helpful

Can be OK depending on your Manager

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Career Opportunities
Former Employee - Manager in Washington, DC
Former Employee - Manager in Washington, DC

I worked at Fannie Mae

Pros

Benefits and Work-Life Balance. Until the accounting scandal, housing crisis and the government conservatorship, Fannie Mae prided itself on its mission to provide widespread housing; its better-than-average employee benefits; its racial, religious, and sexual diversity; its philosophy that employees maintain a work-life balance through a 37.5-hour work week; and its overall treatment of employees. This is exemplified by an exceptional on-site emergency child care center and free parking, that latter of is unusual for companies operating in the DC area. Recently, the influx of former Wall Street managers has led to a diminshed pride in benefits and work-life balance, but if one gets the right department or manager, work-life balance is still possible.

Analytics. Fannie Mae uses a diverse set of predictive models and analytics and often gives employees much leway in conceiving and developing them. If one is in those areas but does not want the pressures of Wall Street, Fannie Mae might provide a more interesting alternative to a commercial bank.

Security. Because of the risk-averse nature of the company, managers face a lot of scrutiny when dealing with employees. This means there is some protection against being spontaneously fired by an incompetent or irrational manager, which Fannie Mae certainly has an abudance of. Of course, such protection does not preclude layoffs, or necessarily ensure that manager’s support for a promotion or his discression when informally discussing the employee with other managers at his same level.

Cons

Hiring Process. The hiring process is slow and cumbersome. Unless one can use an alternative offer as leverage, from initial contact to offer can take months. And often, interviews are conducted but forgotten shortly thereafter due to a management change or restructuring, which happens much more often than it should.

Management Structure. There is a caste system that exist at Fannie Mae between managers and “individual contributers,” and the management hierarchy is enormous, culminating with an exhorbitantly-paid group of executives who are regarded equal to royalty. Because the goal of most of the management staff is to move up into the executive ranks and because the risk averse nature of the company means that promotions can easily be vetoed by just one person, a “suck-up” culture has evolved where any request from senior management no matter how ludicrous is treated as a royal decree with little pushback from middle and lower management. This means that the “individual contributors,” the ones having to deal with such requests, can sometimes find themselves overburdened as the brunt of “tall tale” directives that may have begun as a casual request but grown into major “fire drills” as they have been delegated down the chain.

Management Competence. One often wonders whether the push on diversity has succeeded at the expense of competence, particularly at the Director and Vice President levels. It is completely mindboggling how some of the most complex and innovative analytical models can be rejected by managers because the results to not conform to the managers’ preconceived notions. Isn’t that the point of having models to begin with? I can personally recall having to create a spreadsheet with numerical examples for a Vice President to explain why (A*B)+(C*D) will not equal (A+C)*(B+D).

Status of Tech Workers. There is less formal heirarchy at Fannie Mae with Financial and Risk at the high end and technology at the low end. Generally, technology workers are not regarded very highly because senior management does appear understand technology.

Morale. Because of the government has plans of closing down Fannie Mae, there have been waves of layoffs. As a result, the morale is low and most people are looking for some type of work outside Fannie Mae, in spite of management reassurances that Fannie Mae will be around for a while. This should cause one to consider the reliability of management guidance at the company.

Advice to ManagementAdvice

If you got rid of 95% of your Directors and Vice Presidents, no one would ever know.

The Washington Post is a better source of news about Fannie Mae than management itself.

Disapproves of CEO
reviews filtered by
  • Any Location
  • Any Job Title
  1. The Good Times are Gone

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Business Analyst in Reston, VA
    Current Employee - Business Analyst in Reston, VA

    I have been working at Fannie Mae

    Pros

    Work life balance, compensation and teamwork

    Cons

    The outsourcing of the Technology Division to Managed Service Providers,frequent layoffs and the uncertainty of the future.

    Doesn't Recommend
    Approves of CEO
  2. 3 people found this helpful

    Great benefits but morale horrible, and zero career growth.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Senior Product Manager in Washington, DC
    Current Employee - Senior Product Manager in Washington, DC

    I have been working at Fannie Mae

    Pros

    Salary and bonus high when compared to the light workload, team members below Director level are extremely collaborate, very professional and respectful culture, open to working for home.

    Cons

    Very few have real experience in financial services, making it impossible to develop solutions for saving a sinking ship, remains very political despite being in conservatorship; VPs and SVPs have no incentive to foster change, lot's of talk by this group, but little action, most are Washington fat cats making a lot of money.

    Advice to ManagementAdvice

    Realize that you are now the toothless lion; be humble; spend less time hearing yourselves talk in meetings - esp VPs and SVPs - and make decisions.

    Doesn't Recommend
    Disapproves of CEO
There are newer employer reviews for Fannie Mae

Work at Fannie Mae? Share Your Experiences

Fannie Mae

 
Click to Rate
or

Your response will be removed from the review – this cannot be undone.