Former PHH Exec to Head Fannie Credit Portfolio
Terry Edwards joins Fannie Mae (FNM) as executive vice president, credit portfolio management. Former president and CEO of fleet vehicle and mortgage service provider PHH Corp. (PHH), Edwards will lead Fannie’s national servicing organization, its national property disposition center, and its national underwriting center. He will take responsibility for Fannie’s foreclosure prevention and loss mitigation activities for Fannie Mae’s single-family book of business. The three offices are responsible for executing the Making Home Affordable refinance and modification programs and managing the government-sponsored enterprise’s (GSE) real estate owned (REO) portfolio. “Terry brings his broad industry knowledge and a wealth of mortgage experience to a critical role at Fannie Mae at a critical time,” Fannie Mae president and CEO Mike Williams said. “I look forward to Terry's leadership of our foreclosure prevention and loss mitigation operations as we continue to work through the impact of the nation's housing crisis on borrowers and on our own book of business.” Write to Austin Kilgore.