PHH Mortgage Won't Stop Foreclosures

October 15, 2010

PHH Corporation has issued the following statement by Jerry Selitto, president and chief executive officer, concerning the foreclosure procedures of its subsidiary, PHH Mortgage Corporation: “PHH Mortgage takes its mortgage servicing and compliance responsibilities very seriously and is committed to treating its borrowers fairly.”
“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.”
For more information, visit www.phhmortgagesolutions.com.

Compliance, Originations, Residential, Settlement