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PHH Issues Statement on Mortgage Foreclosure Procedures

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PHH Issues Statement on Mortgage Foreclosure Procedures Powered By Docstoc
					PHH Issues Statement on Mortgage Foreclosure
Procedures
October 14, 2010 09:30 AM Eastern Daylight Time  

MOUNT LAUREL, N.J.--(EON: Enhanced Online News)--PHH Corporation (NYSE: “PHH”) 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 States1, and its subsidiary, PHH Arval, is a leading fleet management services provider in
the United States and Canada.

1
    Inside Mortgage Finance, Copyright 2010

Contacts
PHH Corporation
Media:
Jonathan T. McGrain
856-917-0066
or
Investors:
Nancy R. Kyle
856-917-4268

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Description: MOUNT LAUREL, N.J.--(EON: Enhanced Online News)--PHH Corporation (NYSE: “PHH”) 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 a style='font-si
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