Is This the Revolving Door Our Parents Warned Us About? has learned from PHH Mortgage that retired chairman of the Philadelphia Federal Reserve Bank Charles Pizzi has joined the PHH board of directors. According to HousingWire, despite trying to recover from $423 million in debt, the company closed on $36.3 billion mortgages through Q3, 2011, an increase of 19 percent from the same period the previous year. According to their website, PHH is one of the top five originators of retail residential mortgages, and one of the top ten mortgage servicers in the country. In 2010 they maintained an average servicing portfolio of more than one million loans. Pizzi replaces retiring James Brinkley who will leave June 2012 after serving seven years on the board. Pizzi was chairman of the Philadelphia Fed from 2010-2011.

(Photo credit: HousingWire)

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