Fannie Mae Realigns Staff to Focus on Foreclosures

NEW YORK -- Mortgage giant Fannie Mae (FNM) said Friday it's laying off a few hundred employees mostly in Washington, D.C., and beefing up other offices nationwide to focus on foreclosure prevention.

The company said it's cutting jobs in its communications, technology and single-family homes divisions while adding staff primarily in Dallas where Fannie Mae's foreclosure prevention and loss mitigation efforts are centralized.

The employees affected by layoffs have been notified, Fannie Mae said.

Fannie Mae expects its staffing levels this year to be about the same as last year's.

Fannie Mae and sibling company Freddie Mac (FRE) were seized by federal regulators in September. The companies own or guarantee around half of the $11.5 trillion in U.S. mortgages.

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