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News Now

CU System
PHH Corp. receives 50 million break-up fee
BALTIMORE (1/11/08)--Blackstone Capital Partners has given PHH Corp. a $50 million termination fee after a planned merger between PHH and General Electric Capital Corp.(GECC), along with the sale of PHH’s mortgage to Blackstone, fizzled last week (Baltimore Sun Jan. 10). PHH Corp. called off the $1.8 billion merger because Blackstone could not finance the deal. The merger was to be completed Dec. 31. Under the merger agreement, a wholly-owned subsidiary of GECC would have merged into PHH. GECC was to sell the company’s mortgage business to Pearl Mortgage Acquisition 2 LLC, a Blackstone affiliate (News Now Jan. 2). PHH is a provider of mortgage and vehicle fleet management services with many credit unions of clients. PHH purchased CUNA Mutual Mortgage in 2005, and 18 former employees of CUNA Mutual have since founded Greystone Residential Funding Inc. (News Now Aug. 8, 2007).


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