Fannie Mae, officially known as the Federal National Mortgage Association, will relocate its San Francisco operations to Birmingham, Alabama. The move was announced by Alabama Senator Tommy Tuberville, who said he worked with President Donald Trump and Federal Housing Finance Agency Director Bill Pulte to facilitate the transition.
In a video statement, Tuberville said, “Fannie Mae is leaving woke California for sweet home Alabama.” He described the relocation as “an early Christmas present for the city of Birmingham and the state of Alabama.”
“These are great jobs coming to the state that will help reestablish Birmingham as one of the leading financial hubs of the South,” Tuberville stated. He added that the goal is to create more opportunities for residents to stay in Alabama and raise living standards while keeping costs down.
Tuberville also told local news outlet WTVM, “Relocating Fannie Mae from San Francisco to Birmingham will not only save taxpayers’ money, but also bring jobs and opportunities to our state. Birmingham was once the financial capital of the South, and this is an important step toward making the city boom again.”
Fannie Mae’s main office is based in Washington, D.C., while its San Francisco branch operates at 535 Mission Street in the Financial District. The new Birmingham office is scheduled to open early next year, though its specific location has not been determined. According to WBRC, Fannie Mae aims to lower operating costs and improve service in the Southeast with this move.
Current employees in California will not be required to move to Alabama. Fannie Mae does not release information on regional staffing numbers; however, Forbes reports that it employs about 8,200 people nationwide.
Federal Reserve data shows that in 2023, the Birmingham–Hoover metro area had a gross domestic product (GDP) of about $84.6 billion. In comparison, the GDP for San Francisco–Oakland–Hayward metro area was approximately $779 billion.
