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No Takers for PHH Mortgage Firm
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One of the country's big mortgage providers says efforts to sell itself have failed. PHH (formerly known as Cendant) is one of the country's top home-loan companies. The private buyout firm Blackstone was planning to buy the company's mortgage business. But the Wall Street banks providing the funds backed out of the $1.8 billion deal, which also involved the company's car fleet business.
According to one report, financiers say the company's mortgage business isn't worth as much as it was last year, when the deal got started — and when mortgage markets were more stable.
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