Articles Tagged with ''PHH Corp.''

PHH Mortgage Deal Crumbles As Blackstone Funding Fails

PHH Corporation said Wednesday that a planned $1.8 billion sale fell apart as a key party in the deal failed to find adequate debt financing to fund the deal. PHH's mortgage operations were to be bought by Pearl Mortgage Acquisition 2 LLC, an affiliate of The Blackstone Group, while General Electric Capital Corp. planned to keep the company's vehicle-leasing unit.
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PHH Reports Third Quarter Loss

PHH Corporation said that mortgage-related losses drove the financial company into the red during the third quarter. A consolidated net loss of $38 million was driven largely by losses of $113 million in the company's mortgage production segment and a loss of $2 milion in the company's mortgage servicing business.
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PHH Warns on Debt Financing Pullback; Sale to GE, Blackstone in Doubt

PHH Corp., the nation's 11th largest mortgage servicer according to National Mortgage News, warned today that its $1.8 billion sale to Blackstone and GE may collapse as numerous investment banks shy away from funding leveraged buyouts. PHH's mortgage operations were to be bought by an affiliate of Blackstone, while GE planned to keep the company's vehicle-leasing unit.
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PHH Expects $20 Million Loss in 4th Quarter

On Wednesday, PHH Corporation released certain key operating metrics for the fourth quarter and 2006 fiscal year. The company, which is behind on making its required filings with the SEC, said it expects to be current in all relevant filings by the middle of this year. The company said it expects to report $20 million loss on its mortgage servicing operations during the fourth quarter of 2006, citing tightening credit spreads as the chief culprit for the loss. PHH Mortgage, a subsidiary of PHH Corporation, is one of the top ten retail originators of residential mortgages in the United States.
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