Freddie Mac Reviews

Pros

Some departments and managers far superior to others when it comes to promotions, work/life balance, friendliness, professionalism, knowledgeable upper management, etc.
I work part time and I have fantastic benefits and a salary that could not be beat in 2009 - however, the conservatorship/government has not allowed raises, nor bonuses, for the last two years. So you get the salary you get. Also, for those being hired on in 2012, the benefits will be far less generous than what those of us hired prior to 2012 have.
When I started at Freddie Mac I was taking the job just to have a job (graduated from college in the middle of the recession). They even paid for my 3 remaining college courses to complete my degree in a completely unrelated field from normal FM'ers. But I quickly loved the people I worked with, a small group of expert underwriters, and my director was absolutely awesome. Very patient and ecouraging of moving upward within the company - something I wasn't interested in doing, because I loved my job and my group. So instead, when I ran out of things to do (because I finished my given tasks much more quickly then my predecessor), she would hunt for more resposibilites for me to take on. This worked in my favor, because I have a far wider range of responsibilites and skills now.
Good for promotions if you know the right people - my predecessor went from being a Loan Processor, but got in good with the VP and my director and moved up to a Project Manager, and then on to working in Fraud (something it normally takes years to accomplish).

Cons

I can only speak for my department, but being a company that's good for promotions when you "know the right people" can sometimes be damaging. Especially when the person you are putting in place is completely inexperienced. Basically, my department had a reorganization and my director took a new position to remain in our old department. The director she was replaced with was very friendly and obliging to our needs, but completely unfamiliar with anything that my group did. At the same time, a new VP and a new Senior Manager were hired. All of which directly oversee our group. Luckily my group is completely self-sufficient (all have worked at FM for a long time) and did not need a lot of oversight, or direction. However, having a supervisor who does not understand what you're job is, or what you're doing on a daily basis, can be very frustrating. And lately our department has been all about "changing for the better". Combine this with the government breathing down the company's neck, large layoffs, no raises or bonuses, poor company image, little information being shared concerning our future and, well...it wasn't long before half the members of my happy little group were leaving for other departments they believed to be more stable. You essentially have 3 people telling you to do things that don't make any sense and do not understand what it is you do in the first place (at least not in depth). They are definitely trying their best to learn and understand, but it's just as frustrating. I still am very satisfied with my job, because I'm also self-sufficient and know what I should be doing, on top of being allowed to work from home, great benefits, etc.

Advice to Senior Management

Enforce training with predecessors for senior management when/if at all possible. Hire managers who already work closely, or within, the group they will be overseeing if at all possible. At least go with most qualified individual, not the individual who knows someone up the ladder. Listen more to senior employees - better communication is key to a better relationship with those you're overseeing.

Pros

-Challenging evnironment
-Cross-functional teamwork required
-Oppotunities to train for more experience

Cons

-Management needs a course on how to manage

Pros

Some good, dedicated people work at Freddie.

Cons

Large, bureaucratic; endemic paranoia about losing one's job. Politics trumps performance and meritocracy.

Advice to Senior Management

Prepare for GSEs to no longer be in operation.

Pros

Good and comfortable working environment

Cons

Little space for career growth

Pros

38.75 hour work week
Lots of smart people
Training and educational opportunities
Fully-funded master's degree programs with one-year payback period
Opportunities to give back through volunteering
Early releases before some Federal holidays
Cafeterias, fitness center, wellness center
Early pay day if you opt for direct deposit
Experience working in a large "enterprise"
Makes for a good MBA application essay
Good place to turbo-charge an entry-level career
Excellent place to get experience before jumping to another company
"If you can survive here, you can survive anywhere"
Historic opportunity to watch the Federal government destroy a company, an industry, and quite possibly the entire U.S. economy

Cons

Pay is average at first but is rapidly outpaced by other employers after 1-2 years, especially for folks in IT roles that are essential to keeping the "enterprise" running
Frozen or declining pay, awards, benefits
Employees are sometimes asked to use personal vehicles, cell phones for company business without reimbursement
High stress, low trust environment, particularly when projects come due
Does not reward creativity, innovation, and "thinking outside the box"
No clear mission, priorities keep changing
Too much fear and uncertainty among rank and file employees
Mass layoffs and re-orgs
Excessive bureaucracy - focus on "compliance" with benchmarks that management changes and won't tell you about
Excessive politics - who you know matters more than what you know, and if someone disagrees with you, all you need to do is ask your VP to contact their VP
A few good middle managers outnumbered by many bad ones
Management fails to realize that their talented employees are being actively courted by other employers
The "enterprise" is a political piñata and a scapegoat for multiple generations of idiots in Congress
Appropriate feedback and recognition not always given or given too late
The Federal government is destroying my future

Advice to Senior Management

Splurging in Chicago with our tax dollars and then telling us to celebrate the holidays with cookies and fruit punch brings a whole new meaning to telling us to drink the Kool-Aid. Your people - especially the smart ones - are in the process of leaving, preparing to leave, or thinking of leaving - and the ones who aren't are being laid off. Not that it really matters, since it's fairly clear now that the "enterprise" is being led on a forced death march by the idiots in Congress.

Pros

Salary is reasonable
Benefits are ok, but dwindling quickly

Cons

No future in staying here
Significant layoffs in 2011 with more planned in 2012

Pros

Freddie Mac has great opportunities for people willing to work hard with the hope that it will pay off in the future for both themselves, the company, and the US mortgage market. People are wonderful, facilities are great, lots of top notch training opportunities, good benefits! All that and a mission that is meaningful despite how the press chooses to portray the company.

Cons

Hardest part of working for Freddie Mac is hearing how the company is demonized in the media and trying not to let it get you down!

Advice to Senior Management

Keep doing what you have been doing these past 3+ years as you are making progress in improving the company for all employees which in term benefits all in the US!

Pros

Good Benefits
You are lucky if you get a good team

Cons

Very very slow growth opportunities
Compensation is low when compared to market

Pros

Challenges, never a dull moment.

Cons

No downtime. Always putting out fires.

Advice to Senior Management

N/A

Pros

Good benefit and excellent formation program

Cons

Stress during busy times or when deadline project are due.

Advice to Senior Management

Stop controling people beahvior and focus on training and productivity...