PHH Corp. is considering sale of mortgage, auto fleet units
More rumors are circulating about the future of mortgage firm PHH Corp (PHH). According to Reuters, the company is considering a plan to split up its mortgage and auto fleet leasing businesses, selling the units individually.
The publication cited unnamed sources Monday. Apparently two mortgage giants were pegged as potential buyers. Reuters notes:
The company, whose market capitalization is $1.4 billion, has approached both mortgage servicers Nationstar Mortgage Holdings Inc and Ocwen Financial Corp about purchasing its mortgage business, but neither discussion resulted in a deal, two of the sources said.
This is not the first time PHH has been the subject of plans to restructure the lender/servicer. HousingWire reported not long ago that an activist investor, Orange Capital LLC, was pushing PHH to restructure by offloading its mortgage servicing rights to a captive finance vehicle.