Freddie Mac Reviews

Updated October 17, 2014
Updated October 17, 2014
358 Reviews
3.3
358 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
Freddie Mac CEO Donald H. Layton
Donald H. Layton
97 Ratings

Review Highlights

Pros
  • Freddie continues to offer a favorable work/life balance environment (in 60 reviews)

  • Great benefits but work-life balance depends on the area you work in (in 31 reviews)


Cons
  • Company is currently under conservatorship and company future is uncertain (in 12 reviews)

  • Senior management is always changing and the room for growth seems to be diminishing (in 23 reviews)

More Highlights

Employee Reviews

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  1. 1 person found this helpful  

    Excellent Company for Indians in America

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Senior Software Engineer in McLean, VA
    Current Employee - Senior Software Engineer in McLean, VA

    I have been working at Freddie Mac full-time (more than an year)

    Pros

    Excellent company to sponsor H1B in America. Seems like everyone else in IT is from India. Excellent opportunity. Tuition reimbursement, Free Gym, Covered Parking. Business area support us. They even have a course to help with your english.

    Cons

    Not much pay. Little challenge. Have to sit in a conference room.

    Advice to ManagementAdvice

    Invest in your workers who support you.

    Recommends
    Positive Outlook
    Approves of CEO
  2.  

    Inconsistent Management practices

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - QC Underwriter in McLean, VA
    Former Employee - QC Underwriter in McLean, VA

    I worked at Freddie Mac full-time (more than 3 years)

    Pros

    Good benefits, work life balance mentality and schedule flexibility

    Cons

    Management does not follow company standards, not every department has room for growth, managers who hold all wealth of knowledge and refuse to educate their employes, lack of training and not enough transparency

    Advice to ManagementAdvice

    Train people appropriately and allow then time to reach the departments expectations, share you wealth of knowledge, and help your employes advance in their career instead of persuading them to stay in the same position for years on end without career advancement in site

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
  3.  

    One big clique!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Freddie Mac full-time (more than 5 years)

    Pros

    Benefits used to be phenomenal...

    Cons

    Too many cliques, not enough leaders

    Advice to ManagementAdvice

    Practice what you preach to your subordinates!

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
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  5.  

    Great place to have hands on experience with technology tools/applications

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Information Security Associate in McLean, VA
    Former Employee - Information Security Associate in McLean, VA

    I worked at Freddie Mac full-time (more than an year)

    Pros

    This is a great place to work if you have a technology background. This was my first job out of college and I was exposed to a number of high dollar price applications/tools. They have a great technology rotational program that literally lets you choose 3 different areas of the company you would like to try out before you get positioned full-time. I did business analyst, security analyst, and application support. If your new to corporate world, this place gives you ample opportunity to learn what areas most interest you.

    Cons

    At the end of the year and a half rotational program, you continue to have the same salary you started with. This is part of the reason why I left, because after a year and a half, you'd expect to get somewhat of a salary increase. Another thing would be the politics. Things have to go through a turtle like approval system. Seems like nothing get done fast enough.

    Advice to ManagementAdvice

    Give a salary increase after your rotational programs. That was the only reason I started looking for another job, I have a year and a half of experience and any other company is willing to give me anywhere from 5-10% increase on what I was making.

    Recommends
    Neutral Outlook
    No opinion of CEO
  6.  

    Good Company, but going through a lot of changes.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Senior Project Manager
    Current Employee - Senior Project Manager

    I have been working at Freddie Mac full-time (more than 10 years)

    Pros

    The company has great benefits,good work-life balance, good training opportunities, etc., but it all comes down to what division/group you work in.

    Cons

    The company is currently going through a lot of changes, which in a lot of cases can lead to uncertainty.

    Recommends
    Neutral Outlook
    Approves of CEO
  7.  

    Wrong leaders under the CIO

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Freddie Mac full-time (more than 8 years)

    Pros

    Great place to work for. Lot of innovation work that can be done within Freddie Mac. Some Directors and staff below director level are smart and educated to understand the business and knows how to execute it in a cost effective manner.

    Cons

    Smart people cannot talk to leadership team who doesn't have much IT background. CIO's friends are not smart and he still keeps his network of people and keep promoting or saving them instead of letting them go.

    Advice to ManagementAdvice

    1. Hire the right leaders for the right job. Don't push VP from one department to other when they don't have any experience in that field nor they will learn it. You cannot be a eye doctor one day and become a heart surgeon the next day.
    2. Don't hire friends at the leadership level for VP and Director jobs Bring the right skills if you want to innovate.
    3. Don't spend tax payers money on IT trainings after hiring stupid leaders.
    4. Smart people will always know how to get out of Freddie and venture new things. Management should learn how to retain smart people with right skills if company has to change.
    5. CEO should see why big dollars are spend on consulting firms like EY and KPMG. It shows that most IT leaders don't have a clue on the work they do other than few technical vocabularies.

    Recommends
    Negative Outlook
    Approves of CEO
  8.  

    Exceptional

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee in McLean, VA
    Former Employee - Anonymous Employee in McLean, VA

    I worked at Freddie Mac full-time (more than 10 years)

    Pros

    The people are great, caring, committed, intelligent, and dedicated to the company and to its' success.

    Cons

    Culture is changing...too many executive management changes. Six different CEOs in the past 8 years, all with different objectives and direction for the company.

    Advice to ManagementAdvice

    Take care of the people that have taken care of and have helped to build the company. Show more respect and consideration for your employees, others will see this and it will have a wide-spread positive effect.

    Recommends
    Neutral Outlook
    Approves of CEO
  9. 2 people found this helpful  

    A wonder wasteland

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - IT Director in McLean, VA
    Current Employee - IT Director in McLean, VA

    I have been working at Freddie Mac full-time (more than 5 years)

    Pros

    Niche business model - a duopoly run by two most in-efficient companies in US. Nice and smart folks at lower to mid-level. Flexible work arrangement (although this is driven more to save the real-estate cost) and a small gym (although it is not promoted by management). Also happens to be one of the largest employer in the area.

    Cons

    The place is marred with ineffective management - the place is known for large and ineffective meetings leading to another such meetings without any decision, leaders change their mind in every meeting and the teams keep succumbing to their whims by changing the style and graphics of the powerpoints. Many leaders have hired consulting teams to just make the presentations and a handsome speaker with nicer slides equates to the best idea in the room. There are about 200 VPs for less than 5000 employees and the lust for kingdom and fiefdom creates hierarchy that is rampant with sycophancy and thus the talent sulks. It is not the work but how one moves the parts is the theme. Most of the projects are inflated by at least 1000% and take longer and longer to execute. Managers of failed projects get promoted while the ones who took risk and innovated get bypassed. Unable to attract talent from outside, it has to hire lame people at a better position at the cost of further demoralizing the workforce. Management speaks a lot but just can not communicate. The CEO keeps showing the distaste for consultants but why is it not translating to his subordinate?

    Advice to ManagementAdvice

    1. try to relate to people in your team
    2. say hi or hello when you see a team member
    3. try to use his/her name while wishing. If you can not remember the name then please let that person go of your team. As an exercise try to remember the name of each person in your team. (above plan: also recollect the role, stretch: try to remember when you were nice to him/her)
    4. destruct the layers - at least 60% of VPs/Directors can be let go in order to improve the effectiveness of execution and morale of worker bees.
    5. Stop the training for management - training can not change a donkey to a tiger, just let them go.

    Doesn't Recommend
    Positive Outlook
    No opinion of CEO
  10. 2 people found this helpful  

    It used to be a very good place to work

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Director
    Current Employee - Director

    I have been working at Freddie Mac full-time (more than 10 years)

    Pros

    Smart and friendly people, good work/life balance

    Cons

    Reorganization does not make sense

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  11. 7 people found this helpful  

    Correcting review "All about saving money ..."

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Senior Director in McLean, VA
    Current Employee - Senior Director in McLean, VA

    I have been working at Freddie Mac full-time (more than 10 years)

    Pros

    The company still provides matching contributions to the 401(k) plan -- up to 6% of comp, subject to IRS limits. They provide a temporary contribution to offset the termination of the pension plan (but it's not nearly high enough to make up for the loss of future years of service under the pension plan). Senior management's comp is governed by law and the FHFA -- they are not "fatcat executives" -- at least not when compared to executives at financial institutions that are not in conservatorship.

    Cons

    In the past few years, Freddie Mac has cut employees and benefits. They terminated the pension plan. They reduced the severance plan. Yes, they got rid of free soda. Compensation is stagnant (raises of 1% - 2% per year). They eliminated matching contributions for employee's charitable contributions. They have increased the employee's share of the cost of health insurance premiums. Notwithstanding their promotion of flexible work arrangements, many managers frown upon the practice. They have revised the compensation system to favor "above plan" employees to the detrimiment of "on plan" and "below plan" employees and, at the same time, they have instituted an employee performance system that forces managers to rate 10% of employees as "below plan." Consequently, some "on plan" employees will be rated "below plan" and will received reduced compensation without any justification for such a rating or reduction. Given this recent experience, I would expect comp and benefits to be further reduced in the future.

    Advice to ManagementAdvice

    Despite wanting to be a "great" company, senior executives manage towards mediocrity when it comes to compensation and benefits. If the company wants to be like Google, it needs to provide comp and benefits like Google, not the "midpoint of the comparator group of similar financial services companies" (HR double speak) that they always say they look at when determining comp and benefits.

    Recommends
    Neutral Outlook
    Approves of CEO

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