August 10, 2014 |
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.
July 22, 2014 |
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.
June 5, 2014 |
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.
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)
July 7, 2012 |
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.
May 8, 2012 |
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.
May 8, 2012 |
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
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.
January 5, 2012 |
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.