Mortgage company Fannie May brings workers back to Washington, D.C. and Plano offices in Plano, Texas on Monday in an attempt to avoid executives from Federal Housing Financial Institutions (FHFA) director Bill Prute. A cut after the layoffs of her sister company Freddie Mac.
President Donald Trump was appointed to lead the FHFA and confirmed by the senators on March 13th, Pulte wasted no time firing executives to the FHFA-overviewed mortgage association. Pulte fired Dionne Wallace Oakley, head of human resources at Freddie Mac. This replaced Diana Reid, executive vice president, chief operating officer and CEO of Corporate Strategy and Foreign Affairs on Thursday with interim CEO Mike Hutchins. According to On the Semafor report.
WASHINGTON, DC – Feb. 27: Federal Housing and Finance Director Candidate William Prute testifies at a Senate Banking Committee hearing at Darksen Senate Architecture in Washington, DC on February 27, 2025. (Photo: Kayla Bartkowski/Getty Images)
Freddie Mac workers reportedly were told to return to the office on May 1, but one Fannie Mae employee following an executive cut at the company I said Semafor: “If we can soothe you, I think there is hope. [Pulte] This makes him not try to “doge” us as much. ”
Shortly after taking office, Trump established the Office of Government Efficiency (DOGE) and was tasked with eradicating taxpayer-funded waste, fraud and abuse within the federal government. So far, the initiative has led to thousands of employees on leave, reassessing federal contracts, foreign aid, and federally funded research. Several agencies have been hampering the workforce and authority by their administration. (Related: Obama-appointed judge determines that Doge cannot access Social Security data to reveal the fraud.)
Despite Fannie Mae’s employee count reaching 7,700, Semafor said there are only 5,300 office seats available when employees return to in-person work. Report. It is unclear whether staff cuts will be made after returning to the office.
Fannie May did not respond to a request for comment from the Daily Caller News Foundation.
On the same day, Pulte fired a Freddie Mac executive, and he placed FHFA Chief Operating Officer Gina Cross and Human Resources Director Monica Matthews on administrative leave. According to To Politico. Additionally, more than 12 employees are on administrative leave at The Wall Street Journal. It has been reported.
I spoke to the fantastic leaders of Fannie May and Freddie Mac over the weekend. There are really great people in these businesses. The good news for them is that there is more upward mobility, earn more and grow!
– Pulte (@pulte) March 16, 2025
Partht has also been appointed chairman of both Fannie Mae and Freddie Mac boards after firing 14 members earlier this week. It has been reported. Officials who spoke with the WSJ said the administration is reportedly considering an executive order for housing, so it is weighing Housing’s executive order. The steps to assess the various methods for privatization are aimed at protecting borrowers. Privacy is because it puts risk risk to investors who demand higher premiums that increase borrowers’ mortgage rates. The administration sees it as a potential strategy to reduce corporate deficits and return funds to taxpayers.
However, the move to consider revitalization received some opposition from democratic lawmakers. Housing and Urban Development Secretary Scott Turner was recently sent letter raised concerns about him, signed by 11 Democrat senators. Plan to reevaluate Two companies say that if the process is “mismanaged” it could make mortgages more expensive for Americans.
“The change in ownership of Fannie Mae and Freddie Mac will have an impact on our entire housing system and will be a monumental job that will touch the lives of homeowners and tenants across the country,” the senator wrote. “If we mismanage the role of the reserve and Treasury with Fannie Mae and Freddie Mac, we can make mortgages more expensive, block access to mortgage credit, destroy many of the important reforms that have been created over the past 16 years, and compromise the entire housing market and the wider US economy.”
Turner previously said he would work with the Treasury Department and Congress to privatize mortgage finance companies in February. Interview With the Wall Street Journal. “We have a partner at the table and obviously we will be one of them,” said Turner, a former NFL player and Texas Rep. “When you’re a quarterback, you have to work with the whole huddle.”
Turner hasn’t expanded much about the origins of Fannie and Freddie’s desire to free them from government holdings, but it is clear that this process will attract important cooperation between the Treasury, Congress and the FHFA.
Freddie and Fanny were previously privately owned, but came under government reserves during the 2008 financial crisis after the US Treasury obtained a warrant to purchase approximately 80% of the company’s common stock. The two mortgage giants now stands at about half the back of the US mortgage market.
Freddie Mac and FHFA did not respond to DCNF’s request for comment.
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