Fannie Mae is set to close its office in San Francisco’s financial district and move its operations to Birmingham, Ala., a decision positioned by Alabama leaders as both a political and an economic victory for the South.
The relocation was revealed by Sen. Tommy Tuberville, R-Ala., who said in a press release that he has been working with President Donald Trump and Federal Housing Finance Agency Director Bill Pulte on facilitating the move.
“Fannie Mae is one of the biggest mortgage financers in the world,” Tuberville stated. “Relocating Fannie Mae from San Francisco to Birmingham will not only save the taxpayers money, but it will bring jobs and opportunities to our state.”
Fannie Mae currently maintains a branch office at 535 Mission St. in San Francisco.
The press release from Tuberville’s office also contained a quote from Pulte, who confirmed the move and congratulated the state of Alabama. In addition to his role as FHFA director, Pulte also serves as chairman of Fannie Mae.
According to reporting by an Alabama-based CBS affiliate, which cited “Fannie Mae officials,” the Birmingham office will likely open in “early 2026.” Fannie Mae declined Scotsman Guide’s request for comment.
Tuberville framed the decision as “an early Christmas present for the great people of Alabama.” He stated that the move away from “woke California” will save taxpayers money and inject jobs and opportunity into Alabama.
The relocation is also receiving support from other Alabama officials. Governor Kay Ivey expressed her excitement, writing on X: “As I have long said Alabama is not California, and that is a good thing. I could not be more excited for Fannie Mae’s move to Birmingham.”
Sen. Katie Britt, R-Ala., said in a press release that the move “will not only boost economic growth in our state but will also contribute to meeting the housing needs of families across the country.”
Tuberville added that he hopes the move will bring hundreds of jobs to his state in a short period of time, though neither he nor other officials disclosed a more concrete estimate.
Fannie Mae had approximately 8,200 employees as of December 2024, according to a regulatory filing, though the company has had multiple rounds of layoffs since Pulte took office in March.
