Freddie Mac is Off-Shoring American Jobs

By now you know that I’ve raised several concerns about Freddie Mac and their seemingly exclusive partnership with First American in the California real estate market.  (See my earlier stories here)

At a time when our country is desperate for lack of jobs, when our President in his State of the Union calls for a new jobs program, how, I ask, is it possible that our government is continuing support companies and programs that outsource critical jobs to India?

Like you, I am extremely worried about the dwindling number jobs in the CA real estate industry.  Especially when a major player like, First American, is dramatically off-shoring American jobs to their subsidiary company First Indian Corporation.

I am not naïve. I understand the cheap labor pool and other corporate benefits of off shoring.  But First American’s First Indian isn’t just handling mortgage services for Indian properties.  They are doing the work that Americans use to do for transactions on American soil.  And they are not just performing the services for First American clients, but those of Freddie Mac as well.

So what First American jobs are being performed in India?  According to their press release, “The First Indian Corporation’s primary areas of focus include title insurance, property tax, flood certification, default management services, and credit and property information. The company assimilates and delivers information that helps First American customers make decisions, operate their businesses and advance their lives.”

To give you an idea of the scale of how many jobs they are shipping to India’s Bangalore & Hyderabad, check out this link: http://jobsearch.monsterindia.com/searchresult.html?co=xfirstacinx&cat=22

In 2008 the US government stepped in and bailed out Freddie Mac in an effort to save the mortgage industry – jobs and all.  In 2010, President Obama’s State of the Union Address restated his desire to help keep the American worker employed.

So why, I ask, would this government-owned company, Freddie Mac, continue to align themselves with a partner who so obviously sends these jobs off-shore, away from the American worker?     Why haven’t they found a partner who provides both the quality information needed as well as support American-based jobs?  We know Freddie Mac will have many responses to their RFP from America companies.  They need to choose one. Now.

As you know, we sent a note to Freddie Mac last week, looking for answers on why they refuse to complete their own RFP process.  So far we have had no response.  We welcome you to contact them, as well as others politicians, like the ones below, to try to get some answers.