Fannie Mae President and Chief Executive Officer Mike Williams has appointed Terry Edwards to serve as the company's new executive vice president, credit portfolio management. Edwards, former president and CEO of PHH Corporation, will have responsibility for Fannie Mae's foreclosure prevention and loss mitigation activities for its single-family book of business. In this capacity, he will lead the company's National Servicing Organization, its National Property Disposition Center, and its National Underwriting Center. His duties will include executing the Making Home Affordable program, managing Fannie's real estate-owned (REO) and loss mitigation activities, ensuring collection and preservation of credit enhancements, as well as overseeing and managing our servicing guidelines and policies.
"Terry brings his broad industry knowledge and a wealth of mortgage experience to a critical role at Fannie Mae at a critical time," Williams said. "I look forward to Terry's leadership of our foreclosure prevention and loss mitigation operations as we continue to work through the impact of the nation's housing crisis on borrowers and on our own book of business."
Edwards comes to Fannie Mae after nearly three decades at PHH Corporation. After serving in a variety of executive roles at the company, Edwards eventually became president and CEO of PHH Mortgage, one of the nation's top 10 mortgage servicers, and later president and CEO of PHH Corporation. Edwards holds a master's degree from Loyola College and received his undergraduate degree from Iona College.
"I'm very pleased to join Fannie Mae at this key juncture," said Edwards. "The company has long been a leader in the mortgage and housing industry and I look forward to working with Fannie Mae's leadership team, our conservator and our industry partners to help stabilize the markets, assist struggling borrowers and hasten recovery. Fannie Mae's mission to provide liquidity to the market and support sustainable homeownership has never been more important, and I'm excited to tackle the difficult challenges impacting the industry and our business as we strive to keep as many borrowers as we can in their homes."
For more information, visit www.fanniemae.com.