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
Matz: Revised @TheNCUA #RBC rule for #creditunions 2 B unveiled 1/15/15, 90-day comment period to follow #newsnow http://t.co/qABhvghSTU
3 hours ago
Just announced: @TheNCUA board will consider a revised risk-based capital rule at its Jan 15 mtg. See #NewsNow Monday for more info.
4 hours ago
Nearing one-yr anniversary of data breach, @Target asks for class action suits to be dismissed via @BloombergNews http://t.co/kra6kupd35
6 hours ago
.@PeoplesTrustFCU has been recognized with the Juntos Avanzamos designation by @Cornerstone_CUL for its service to the Hispanic community
6 hours ago
#NewsNow: Rep. Hensarling names #HFSC subcommittee chairs. http://t.co/dXAMZdpn1p
7 hours ago