TITLE

PHH Spin-off Comes at a Price

AUTHOR(S)
Muolo, Paul
PUB. DATE
February 2005
SOURCE
National Mortgage News;2/14/2005, Vol. 29 Issue 21, p6
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Reports on after taxes worth as much as $650 million that cost Cendant Corp. due to its spin-off of its mortgage and fleet unit to the public. Price of shares traded by the resulting company PHH Corp. which gave it a market capitalization of $1.06 billion; Statement of Cendant that it would take a non-cash impairment charge in connection with the spin-off to reflect any difference between PHH's carrying value and PHH's market value.
ACCESSION #
16141328

 

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