Fannie Mae dismissed at least 10 senior executives this week in another wave of turnover at the government-sponsored mortgage investor.<\/p>\n
A source with direct knowledge of the situation confirmed that the employees were based in the company\u2019s Washington, D.C., headquarters and were terminated within a three-hour window on Wednesday. They attributed the layoffs to much of the work now being done by artificial intelligence.<\/p>\n
The source also indicated that headcount reductions may continue, telling Scotsman Guide, \u201cWho knows what the future will bring.\u201d<\/p>\n
Fannie Mae has not returned multiple requests for comment.<\/p>\n
Mark Palim, chief economist for Fannie Mae since early 2025, was one of the individuals released, Scotsman Guide has confirmed. Palim\u2019s employee profile on the company\u2019s website had been removed as of early Friday, in addition to those of the following:<\/p>\n
Chuck Walker, chief operating officer of Fannie\u2019s multifamily business<\/p>\n
Devang Doshi, senior vice president of capital markets<\/p>\n
Brian Hansen, chief financial officer of Fannie\u2019s multifamily business<\/p>\n
Dana Brown, vice president of low-income housing tax credit customer management<\/p>\n
Other terminations that Scotsman Guide has independently confirmed include high-ranking and long-serving employees in offices connected to public affairs, regulatory affairs and economic research and analysis.<\/p>\n
Fannie Mae representatives called larger lender partners Thursday evening about the headcount reductions. A source aware of those conversations told Scotsman Guide that it was standard procedure for such organizational changes.<\/p>\n
Industry sources have expressed concern about the recent personnel changes.<\/p>\n
\u201cA brain drain of qualified, experienced people could adversely affect Fannie Mae\u2019s ability to respond to market developments, monitor risk or execute on mortgage purchases \u2014 at a time of rising mortgage rates and continued homeownership affordability challenges,\u201d noted one mortgage veteran.<\/p>\n
Wednesday\u2019s terminations are the latest in a series of leadership upheavals roiling Fannie Mae and Freddie Mac since Bill Pulte, who also serves as director of the Federal Housing Finance Agency that oversees the government-sponsored enterprises, took over as chairman of both companies\u2019 boards early in the second Trump administration.<\/p>\n
Shortly after taking office in March 2025, Pulte ousted 14 members of the Fannie and Freddie boards<\/a> and fired Nancy Jardini, Fannie Mae\u2019s chief compliance and ethics officer. Regulatory filings show Fannie shed about 1,200 employees<\/a> over the course of 2025, or about 15% of the company\u2019s workforce.<\/p>\n In October, Priscilla Almodovar stepped down as Fannie Mae\u2019s CEO<\/a> after serving as top executive since 2022. She was replaced by Peter Akwaboah, who has remained as acting CEO since.<\/p>\n