Retired Chairman of the Federal Reserve Bank of Philadelphia Charles Pizzi joined the PHH Corp. (PHH) board of directors.

He replaces James Brinkley, who served on the board since 2005 and will retire in June 2012.

"(Pizzi) is a highly regarded business leader who brings more than 30 years of experience to the PHH board of directors," Chairman Jim Egan said.

The PHH mortgage bank closed $36.3 billion in home loans during the first nine months of 2011, up 19% from the same period the year before.

But the company is struggling to repay its $423 million in corporate debt, leading to a downgrade from <strong>Standard &amp; Poor's</strong>. Losses widened during the third quarter to $148 million from $8 million one year earlier.

Earlier in January, PHH CEO Jerome Selitto stepped down, and the company promoted the Chief Operating Officer Glen Messina to replace him.

Brinkley will retire from the board where he served since PHH spun off from Cendant Corp.

Pizzi served as chairman of the Philly Fed from 2010 through 2011.