FEATURED ARTICLES
NEWS
January 18, 2012
Shares in PHH Corp. jumped 13 percent after a Dallas hedge fund manager disclosed a 7.9 percent stake in the Mount Laurel company, which recently suffered a credit downgrade and changed chief executives. PHH operates a mortgage business and a vehicle fleet management operation. Hayman Capital Management L.P. said in a Securities and Exchange Commission filing that it had purchased 4.45 million shares since Sept. 30. With the purchase, J. Kyle Bass, portfolio manager at Hayman Capital increased his bet that the housing market was on the mend.
BUSINESS
October 29, 2009 | By Harold Brubaker INQUIRER STAFF WRITER
Jerome J. Selitto, the new chief executive officer of Mount Laurel home lender PHH Corp. has a favorite quote on the mortgage market: "There's a borrower and an investor - and everything in between is friction. " That friction cannot be eliminated entirely because "some of that friction is what ensures the loan is good," Selitto said yesterday in an interview during his second day on the job. "We're not going to do anything to impair that, but at the same time it's how you do it," the 40-year mortgage-industry veteran said.
BUSINESS
May 8, 2012 | Inquirer Staff Report
PHH Mortgage Corp., Mount Laurel, said it will provided end-to-end mortgage origination and loan servicing to HSBC Bank USA. As part of the deal, PHH is expected to take on about 400 HSBC employees who work at a mortgage operation in a suburb of Buffalo, N.Y. The loan-servicing component covers HSBC's portfolio of $15.5 billion of prime mortgage loans and $36.6 billion of loans that HSBC services for third-party investors. — Harold Brubaker
BUSINESS
January 3, 2008 | By Harold Brubaker INQUIRER STAFF WRITER
PHH Corp., its proposed sale a victim of last year's capital-markets crisis, faces a tough road as an independent company. The Mount Laurel mortgage lender and vehicle fleet manager terminated its sale agreement Tuesday with GE Capital, which had agreed in March to buy PHH for $1.7 billion in a deal involving the immediate sale of the mortgage business to the Blackstone Group L.P. The sale had been in trouble since September, when private-equity firm...
BUSINESS
October 4, 1996 | By Terence Samuel, INQUIRER STAFF WRITER
The American Civil Liberties Union and the NAACP yesterday filed a complaint with the Pennsylvania Human Relations Commission accusing one of the largest mortgage lenders in the nation of racism in its mortgage business. The complaint against PHH Corp., of Mount Laurel, accuses it of failing to make mortgage loans in African American communities in Philadelphia and of denying loans to African Americans at a higher rate than whites of similar economic circumstances. According to the complaint, PHH, which also has an office in Philadelphia, engaged in at least two forms of discrimination.
BUSINESS
June 21, 2007 | By Harold Brubaker INQUIRER STAFF WRITER
PHH Corp.'s largest shareholder reiterated his objections yesterday to the Mount Laurel company's proposed sale to General Electric Co. for $1.8 billion, or $31.50 a share. Alan P. Fournier, managing member of Pennant Capital Management L.L.C., urged PHH's board to consider allowing PHH's mortgage business to remain in the hands of shareholders while spinning off the company's vehicle-fleet-management unit in a tax-free transaction. Fournier, whose hedge fund manages $1.6 billion, estimated in a letter filed with the Securities and Exchange Commission that public shareholders could realize $51 to $68 a share over two or three years under continued public ownership.
BUSINESS
March 16, 2007 | By Henry J. Holcomb INQUIRER STAFF WRITER
PHH Corp., a major employer in Mount Laurel and leader in the mortgage and fleet-services businesses, said yesterday that it had agreed to be acquired by GE Capital Solutions, a unit of General Electric Co. If the $1.8 billion all-cash deal is completed, possibly in the third quarter of this year, GE intends to sell the Mount Laurel-based mortgage part of the business to an affiliate of the Blackstone Group L.P., a global private-investment and...
BUSINESS
August 9, 2008 | By Harold Brubaker INQUIRER STAFF WRITER
The chief executive of mortgage lender PHH Corp. in Mount Laurel yesterday gave a dismal outlook for the remainder of the year. "We feel great long term, but we don't feel good about what the next six months might bring," Terence W. Edwards, president and CEO of PHH, said during a conference call with investors. The executive said there's no chance the company, which also operates a vehicle fleet management business, will hit its target of $39 billion in mortgage originations this year, even though it had made $20.7 billion in mortgages through June.
BUSINESS
September 18, 2007 | By Harold Brubaker INQUIRER STAFF WRITER
Faltering debt markets might torpedo the sale of PHH Corp. to a unit of General Electric Capital Corp. and the Blackstone Group L.P. for $9.61 billion, PHH said yesterday. The Mount Laurel mortgage lender and vehicle-fleet manager said the investment banks raising billions toward Blackstone's purchase of the mortgage operation were leaving the private-equity firm $750 million short. PHH employs about 4,500 people in Mount Laurel, according to undated data on the Web site of the Burlington County Department of Economic Development.
REAL_ESTATE
August 10, 2014 | By Alan J. Heavens, Inquirer Real Estate Writer
A reader recently e-mailed me about a three-year snag in his efforts to obtain a mortgage modification from his lender. He introduced his problem as if it were something I'd never heard of, and cited a CBS Evening News report in the event I did not know what he was talking about. It caused me to dig into our electronic library to see how often my name and the term "mortgage modification" came up between 2007 and 2014. The count: 318 times. I thought lenders and mortgage servicers had finally gotten it right after several years of what Colmar bankruptcy lawyer William J. Schroeder Jr. described as "slowly digesting the bad food" produced by the collapse of the housing market in 2006-2007.
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REAL_ESTATE
August 10, 2014 | By Alan J. Heavens, Inquirer Real Estate Writer
A reader recently e-mailed me about a three-year snag in his efforts to obtain a mortgage modification from his lender. He introduced his problem as if it were something I'd never heard of, and cited a CBS Evening News report in the event I did not know what he was talking about. It caused me to dig into our electronic library to see how often my name and the term "mortgage modification" came up between 2007 and 2014. The count: 318 times. I thought lenders and mortgage servicers had finally gotten it right after several years of what Colmar bankruptcy lawyer William J. Schroeder Jr. described as "slowly digesting the bad food" produced by the collapse of the housing market in 2006-2007.
BUSINESS
July 22, 2014 | By Alan J. Heavens, Inquirer Real Estate Writer
A Superior Court jury in California has awarded $16.2 million in damages to a Sacramento-area homeowner who said that PHH Mortgage Solutions, based in Mount Laurel, botched his loan modification and nearly cost him his house. Lawyers for Phillip Linza said the award included $514,000 in compensatory damages and $15.7 million in punitive damages. PHH is the sixth-largest originator of residential mortgages and the eighth-largest mortgage servicer, as well as South Jersey's fifth-largest employer.
BUSINESS
June 5, 2014 | By Diane Mastrull, Inquirer Staff Writer
In a deal that Mount Laurel-based PHH Corp. says will sharpen its overall strategic focus, enhance its financial flexibility, and position it to deliver greater shareholder value, the company has agreed to sell its fleet-management subsidiary for $1.4 billion to Element Financial Corp., of Toronto. PHH will remain in the mortgage production and servicing business. Element's purchase of PHH Arval - which has headquarters in Sparks, Md., $4.6 billion in total assets, and 1,000 employees - is expected to close on or before July 31. Dating from 1946, PHH Arval was the first fleet-management company in the United States, said spokesman Dico Akseraylian.
BUSINESS
December 30, 2012
With just one trading day left in 2012, it's a good time to check how the stock prices of the area's biggest corporate giants fared. Nine stocks of the Philly 50 companies, each of which employ at least 1,100 people in the Philadelphia region, are finishing 2012 lower: PNC Financial Services Group Inc. (down 0.36 percent), United Parcel Services Inc. (down 0.49 percent); Quest Diagnostics Inc. (down 0.59 percent), DuPont Co. (down 2.34 percent), GlaxoSmithKline P.L.C. (down 4.96 percent)
BUSINESS
July 7, 2012 | By Michael Armstrong, Inquirer Columnist
With the first half of 2012 in the can (presumably available to be kicked down the road), let's pause to review which local stocks roared and which got floored. To start, consider the Inquirer/Bloomberg Philadelphia Index, which rose 7.7 percent between Dec. 31 and June 29. That was better than the Dow Jones industrial average (up 5.4 percent), but not quite as good as the broader Standard & Poor's 500 Index (up 8.3 percent.) At 141 members, the local index continues to shrink.
BUSINESS
May 8, 2012 | Inquirer Staff Report
IN THE REGION Arrest in $2-million fraud Federal authorities arrested a Downingtown man accused of defrauding more than 200 investors of more than $2 million. The U.S. Attorney's Office in Philadelphia said that Istvan Merchenthaler, who goes by "Steve," claimed to be the founder of PhoneCard USA, which he touted as a "premier distribution source" for prepaid phone cards and cell phones. Rather than using investments to build the business, Merchenthaler, 42, allegedly used investor money to perpetuate the scheme by providing payments on behalf of some investors and for his own purposes, such as buying cars.
BUSINESS
May 8, 2012 | Inquirer Staff Report
PHH Mortgage Corp., Mount Laurel, said it will provided end-to-end mortgage origination and loan servicing to HSBC Bank USA. As part of the deal, PHH is expected to take on about 400 HSBC employees who work at a mortgage operation in a suburb of Buffalo, N.Y. The loan-servicing component covers HSBC's portfolio of $15.5 billion of prime mortgage loans and $36.6 billion of loans that HSBC services for third-party investors. — Harold Brubaker
NEWS
January 18, 2012
Shares in PHH Corp. jumped 13 percent after a Dallas hedge fund manager disclosed a 7.9 percent stake in the Mount Laurel company, which recently suffered a credit downgrade and changed chief executives. PHH operates a mortgage business and a vehicle fleet management operation. Hayman Capital Management L.P. said in a Securities and Exchange Commission filing that it had purchased 4.45 million shares since Sept. 30. With the purchase, J. Kyle Bass, portfolio manager at Hayman Capital increased his bet that the housing market was on the mend.
BUSINESS
January 5, 2012 | By Harold Brubaker, Inquirer Staff Writer
PHH Corp., a Mount Laurel company with mortgage banking and fleet management units, abruptly named a new chief executive officer Wednesday, two weeks after Standard & Poor's downgraded PHH's credit rating. Glen Messina replaced Jerome Selitto, who became CEO of PHH in October 2009, after a period of turmoil at the company during which dissident investors ousted PHH's top two managers at the time, chairman A.B. Krongard and CEO Terence W. Edwards. Messina, 50, joined PHH as chief operating officer in July after a career at General Electric Co., where he was most recently CEO of GE Chemical & Monitoring Solutions.
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