Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Sale of CU mortgage company PHH Corp. is off
MT. LAUREL, N.J. (1/3/08)--PHH Corp. announced Tuesday that it has terminated plans for its purchase by General Electric Capital Corp. (GECC), a unit of General Electric Company, and The Blackstone Group. The merger was called off because Blackstone could not finance the deal. PHH has requested a repayment of $50 million as a termination fee. The merger was to be completed Dec. 31. Under the agreement, a wholly-owned subsidiary of GECC would have merged with and into PHH. Following the merger’s closing, GECC was to sell the company’s mortgage business to Pearl Mortgage Acquisition 2 LLC. Pearl is an affiliate of The Blackstone Group. "I am disappointed that we could not conclude the transactions contemplated by the merger agreement,” said A.B. Krongard, PHH non executive chairman of the board. “The board will determine in due course whether to continue to explore the company's strategic alternatives. The board remains focused and committed to delivering value for our stockholders regardless of the decision." PHH is a provider of mortgage and vehicle fleet management services. 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
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
13 hours ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
1 day ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
1 day ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
1 day ago
You can get your subscription to @cuna 's free, daily, online #creditunion #news service News Now here: http://t.co/YtUejEmAYP
1 day ago