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Fannie Names Former PHH CEO as COO

Terence Edwards promoted

Sept. 16, 2013

By Mortgage Daily staff

The former chief executive officer at PHH Corp. is the new chief operating officer at the Federal National Mortgage Association.

Terence W. Edwards was appointed as executive vice president and COO of Fannie Mae on Sept. 13, according to a public filing.

Edwards joined the Washington, D.C.-based firm in September 2009 as executive vice president, credit portfolio management.

His 2009 appointment at Fannie came just three months after he left his job as president and CEO of PHH Corp.

Edwards and former PHH chairman A.B. Krongard were ousted from their positions at PHH following the election to PHH's board of two directors nominated by Pennant Capital Management LLC. Pennant had previously said that PHH was poorly managed under the leadership of the pair.

In his new role at Fannie, Edwards is responsible for overseeing the execution of key strategic initiatives. He'll also maintain his responsibility for the credit portfolio management organization.

"PHH Corp. is a Fannie Mae counterparty and Mr. Edwards continued to receive compensation from PHH Corp. following his separation from the company until March 2012," the filing with the Securities and Exchange Commission said.

Executive Pool Rapidly Changing (Sept. 29, 2009)
The ousted president of PHH Mortgage's parent has joined Fannie Mae, while a former Fannie executive has joined Ellie Mae's board of directors. Several other mortgage-related firms also shook up their senior management teams.

Fannie Mae profile | PHH profile

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