Financial firms from Charles Schwab to Banco Popular may face tougher negotiations with their mortgage outsourcer, PHH Corp., if that company's dissident shareholders get their way this week.

Pennant Capital Management LLC, which owns 9.94% of PHH, is campaigning to oust its nonexecutive chairman, Alvin B. Krongard, and its chief executive, Terence W. Edwards, from the board at the annual shareholders meeting Wednesday. The hedge fund wants to replace them with its two nominees, including Greg Parseghian, the former chief executive of Freddie Mac.

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