Terry Edwards, who resigned as president and chief executive of PHH Corp. in June after dissident shareholders won a proxy fight, has taken a key job at Fannie Mae.

The government-sponsored enterprise said Monday that it had hired Edwards as the executive vice president for credit portfolio management. In this newly created position, which combines duties previously held by several other executives, he oversees all functions related to preventing foreclosures and mitigating losses on the roughly $2.9 trillion of single-family loans Fannie owns or guarantees. That includes executing the Obama administration's Making Home Affordable program, disposing of foreclosed properties and making sure mortgage insurers pay Fannie's claims.

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