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GENESIS RELOCATION SERVICES ACQUIRED BY PHH HOMEQUITY

 GENESIS RELOCATION SERVICES ACQUIRED BY PHH HOMEQUITY
 WILTON, Conn., Nov. 25 /PRNewswire/ -- With the signing of the


asset purchase agreement, PHH Homequity has completed its acquisition of Genesis Relocation Services from GE Capital Mortgage Corporation of Raleigh, N.C. Terms of the agreement were not disclosed.
 "This signing culminates negotiations that were set in motion in mid-October," said Harvey Auger, PHH Homequity president. "Our ensuing discussions and studies have left us with confidence that we could move ahead quickly to serve Genesis clients effectively and to assimilate its employees within our organization."
 The Genesis acquisition follows closely behind the purchase of the Better Homes and Gardens Family Relocation Service from Meredith Corporation of Des Moines, Iowa.
 PHH Homequity is an operating unit of PHH Corporation (NYSE: PHH), Hunt Valley, Md. In the last fiscal year it assisted about 31,000 relocating families and managed more than $3.5 billion in residential real estate worldwide.
 -0- 11/25/91
 /CONTACT: Keith Bisogno of PHH Homequity, 203-834-8588/
 (PHH) CO: PHH Homequity; Genesis Relocation Services ST: Connecticut, North Carolina IN: SU: TNM


GK -- NY031 -- 6759 11/25/91 10:48 EST
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Publication:PR Newswire
Date:Nov 25, 1991
Words:188
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