Albrigo says he has had few problems finding qualified people in Chicago, thanks in part to UAL Corp.'s Chapter 11 bankruptcy status in 2005 as well as fallout from the recent merger between Kmart Corp. and Sears. Metro Washington, in contrast, "is an extremely tight [IT] labor market" as a result of widespread corporate growth and demand for IT workers by the federal government, he says.

Freddie Mac's IT organization has made progress, but it still faces challenges as it moves to a buy-to-integrate approach. These include adapting its project delivery methodology and attacking an ingrained bias against packaged applications, which have historically been viewed as too lightweight to handle Freddie Mac's enormous processing volumes, says Albrigo.

Freddie Mac's IT managers recognize that they won't overcome these obstacles overnight. But they're determined to get it right. Says Chief Technology Officer Milton Moore, "I'm a proponent of whatever it takes to get Freddie Mac to market faster."