I applied through university. The process took 1 day. I interviewed at Freddie Mac (McLean, VA) in Feb 2010
Interview
The interview was very basic. Nothing too technical was asked--if you couldn't answer the questions you probably are in the wrong field. Besides a couple of basic technical questions, a few standard "how did you do group work with x possible problem". Overall, the interviewer was very kind, and upfront with information.