High-resolution Cassini stereo images of Saturn's moon Phoebe have been used to derive a regional digital terrain model (DTM) and an orthoimage mosaic of the surface. For DTM-control a network of 130 points measured in 14 images (70-390 m/pixel resolution) was established which was simultaneously used to determine the orientation of the spin-axis. The J2000 spin-axis was found at Dec=78.0°±0.1° and RA=356.6°±0.3°, substantially different from the former Voyager solution. The control points yield a mean figure radius of 107.2 km with RMS residuals of 6.2 km demonstrating the irregular shape of this body. The DTM was computed from densely spaced conjugate image points determined by methods of digital image correlation. It has a horizontal resolution of 1-2 km and vertical accuracies in the range 50-100 m. It is limited in coverage, but higher in resolution than the previously derived global shape model of Phoebe [Porco et al., 2005. Cassini imaging science: initial results on Phoebe and Iapetus. Science 307, 1237-1242] and allows us to study the morphology of the surface in more detail. There is evidence for unconsolidated material from a steep and smooth slope at the rim of a 100 km impact feature. There are several conically shaped craters on Phoebe, which may hint at highly porous and low compaction material on the surface.