More than a hundred employees were recently laid off at the Federal National Mortgage Association as the government-controlled enterprise looks to minimize costs to U.S. taxpayers.
The layoffs occurred over the past few weeks, a spokeswoman for the Washington, D.C.-based company said in a written statement.
She noted that the secondary lender has “taken a series of actions this year to reduce non-personnel expenses and several weeks ago we conducted a reduction in force.”
Fannie Mae reported a $5.1 billion third-quarter loss. Since the company was taken over by the government in September 2008, taxpayers have provided $112.6 billion in bailout funds through the Department of the Treasury.
Around 160 people were impacted by the recent staff reduction.
“Fannie Mae is focused on achieving its core mission — to provide essential liquidity to the mortgage market, help distressed families and limit losses on our legacy book of business,” the statement said.
