Several indicators suggest that Fannie Mae and Freddie Mac may be on the verge of significant job cuts or substantial program changes.
One came earlier this week when William Pulte, the newly appointed director of the Federal Housing Finance Agency, ousted 14 board members from the two government-sponsored enterprises and assumed the role of chairman for their boards – a departure from the practices of his predecessors who did not sit on the boards of these entities.
The board shake-up has raised concerns that Pulte may be preparing the ground for big changes at Fannie and Freddie, which collectively employ about 15,000 people. "You want to get rid of people on the board who might make noise. The people who are left, they trust,” Christopher Whalen, chairman of Whalen Global Advisors, told The New York Times, suggesting that the moves may be aimed at minimizing dissent.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
