Pros
The pay is solid and the benefits are great. Excellent 401k match plus bonus match in lieu of stock purchases, yearly bonuses, family sick leave, floating holidays, good medical.
Cons
Constant layoffs - the enterprise is scheduled to be continually pared down; consequently every 6 months to a year, there is a significant round of layoffs, usually spanning one or two divisions. Unfortunately, the folks who always seem to make it through unscathed, or who are quickly rehired into other positions are frequently the ones who started in the 80's and 90's and are generally accepted to be unqualified and lazy. HR is a joke and employees joke about how HR exists only to protect management from the actions of these people. Bottom line: want to work for Fannie? Get ready to go through several reorgs and managers within a couple years and count on getting at least one manager who has been laid off and rehired three times (sometimes inexplicably getting two- to three-step promotions upon rehire!), who takes credit for your work and tries to throw you under the bus when he/she fouls something up or his/her general incompetence is exposed.