MOUNT LAUREL, N.J. - PHH, which is in the process of being acquired by GE Capital, plans to eliminate about 300 jobs.
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Terence Edwards, CEO of the nation's 11th-largest mortgage bank, cited the ongoing crisis in the mortgage market in an e-mail sent last week to employees. Edwards said in the e-mail there may be further cuts.
PHH is in the process of being acquired by GE Capital, which plans to sell PHH Mortgage, which operates in more than 2,000 credit unions, to private equity fund the Blackstone Group.
Blackstone, which has as many as a dozen deals on its plate, is reported to be having difficulty financing its portion of the deal.
