Pros

It has a great cafeteria, facilities (doctor on site, gym, ATMs), and general benefits plan.
The work/life balance is fair. Freddie is good about rewarding high performance. If you are rated high during annual review, your bonus with reflect so. It also has a very nice and diverse atmosphere of colleagues.

Cons

Management is terrible. All decisions have to go through the entire food chain of managers so even little decisions take months and months to resolve, if at all.
One of my biggest disappointments about working here so how pigeon-holed you are in a job. The roles are very narrow and very focused but the company doesn't spend or want to waste time training you to learn big picture issues.
The technology is the very worst I've ever seen. A lot of the systems were built in the 80s but the company either halts projects to update them or does not want to spend the money.
It's hard to move to a different section of the company, even internally.

Advice to Senior Management

Be more decisive and be quicker with changes. Adapting is not something Freddie does well. Be more proactive instead of reactive. Waiting for the problems to blow up before fixing them leads to headaches for everyone.