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PHH statement on mortgage foreclosure procedures

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PHH Corporation today issued the following statement by Jerry Selitto, president and chief executive officer, concerning the foreclosure procedures of its subsidiary, PHH Mortgage Corporation: "PHH Mortgage has received a number of inquiries regarding its foreclosure procedures. It is actively cooperating with its regulators, is responding to such inquiries and has completed a comprehensive review of its foreclosure procedures. Based on this review, PHH Mortgage has not halted foreclosures in any states and has no plans to initiate a foreclosure moratorium. "PHH Mortgage takes its mortgage servicing and compliance responsibilities very seriously and is committed to treating its borrowers fairly." About PHH Corporation Headquartered in Mount Laurel, New Jersey, PHH Corporation is a leading outsource provider of mortgage and vehicle fleet management services. Its subsidiary, PHH Mortgage, is one of the top five retail originators of residential mortgages in the United States(1), and its subsidiary, PHH Arval, is a leading fleet management services provider in the United States and Canada.

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