The company, which was seized by the Feds last fall, told the Journal it was realigning the company to focus on its primary objectives.
The company said it's cutting jobs in its communications, technology and single-family homes divisions, according to the Associated Press.
"We will actually be increasing on personnel and resources in areas that have to do with preventing foreclosures and loss mitigation," said Fannie Mae spokesman Brian Faith.
Those new hires will likely be in the Dallas area, where foreclosure preventions are located, the Journal reported.
Fannie Mae said the employees affected by layoffs have been notified.