Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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).


RSS print
News Now LiveWire
September is National Preparedness Month. Read how your CU can get ready in #NewsNow #NPM @AgilityRecovery @Readygov
5 hours ago
Bay Area #creditunions featured in @SFBusinessTimes article http://t.co/SE7W81Ulia
8 hours ago
#NewsNow: 8 CU advisory board, new senior leaders named at @CFPB. http://t.co/EPKgHEDRRN
9 hours ago
#NewsNow: @FTC warns of government impostor scams. http://t.co/MMWBOcrqwJ
10 hours ago
Registration open for @CUNAMutualGroup's Discovery Conference #NewNow http://t.co/CATF0j9ct1
10 hours ago