PHH Retains Mortgage Consultant

PHH Corp., Mt. Laurel, N.J., has hired John C. Sites Jr. to provide consulting services to the company and its board. Mr. Sites is a partner at Wexford Capital LP, an investment advisor that manages a series of affiliated hedge funds and private equity funds. There he focuses on Wexford's investments in mortgage-backed securities and mortgage-related enterprises. Previously, Mr. Sites served as a director of Fannie Mae and as a general partner of Daystar Special Situations Fund and Rock Creek Partners II Ltd. From 1981-1995, Mr. Sites was with Bear Stearns & Co. Inc., where he eventually became executive vice president. While at Bear Stearns, Mr. Sites established the firm's mortgage and asset-backed department. PHH chairman A.B. Krongard stated, "We are very pleased that PHH has been able to establish this important relationship with John Sites. We believe that John's extensive mortgage industry and other experience will prove extremely valuable to the board and the company."