PHH Corporation Comments on Settlement with U.S. Department of Justice
2017年8月8日 - 9:30PM
ビジネスワイヤ(英語)
PHH Corporation (NYSE: PHH) ("PHH" or the "Company") today
issued the following statement in conjunction with the settlement
agreements it has entered into with the U.S. Department of Justice
(“DOJ”) on behalf of the Department of Housing and Urban
Development and separately with the DOJ on behalf of the U.S.
Department of Veteran Affairs (“VA”) and the Federal Housing
Finance Agency to resolve certain previously disclosed matters
regarding legacy mortgage origination and underwriting activities.
The settlement agreements cover certain mortgage loans insured by
the Federal Housing Administration during the period between
January 1, 2006 and December 31, 2011, certain mortgage loans
insured by the VA, and certain mortgage loans sold to Fannie Mae
and Freddie Mac.
“We have agreed to resolve these matters, which cover certain
legacy origination and underwriting activities, without admitting
liability, in order to avoid the distraction and expense of
potential litigation. While we cooperated fully in these
investigations since receiving subpoenas in 2013, we concluded that
settling these matters is in the best interest of PHH and its
constituents. Adhering to high legal, regulatory and ethical
standards is at the core of how we conduct business, and we remain
committed to serving our customers and all of our stakeholders
consistent with that principle.”
Under the terms of the agreements, PHH will pay approximately
$75 million in aggregate to the DOJ. During the second quarter of
2017, the Company increased its recorded liability for legal and
regulatory reserves by $13 million, reflecting adjustments for
these settlements and provisions for other matters. These
settlements are included in the Company’s recorded liability as of
June 30, 2017.
About PHH Corporation
Headquartered in Mount Laurel, New Jersey, PHH Corporation is a
leading provider of end-to-end mortgage solutions through its
subsidiary, PHH Mortgage. Its outsourcing model and proven
expertise, combined with a strong commitment to operational
excellence and customer service, has enabled PHH Mortgage to become
one of the largest non-bank originators, servicers and subservicers
of residential mortgages in the United States. PHH Mortgage
currently provides mortgage solutions for the real estate market
and financial institutions, and offers home financing directly to
consumers. For additional information, please visit
www.phh.com.
Forward-Looking Statements
Certain statements in this press release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Generally, forward looking-statements are
not based on historical facts but instead represent only our
current beliefs regarding future events. All forward-looking
statements are, by their nature, subject to risks, uncertainties
and other factors that could cause actual results, performance or
achievements to differ materially from those expressed or implied
in such forward-looking statements. Investors are cautioned not to
place undue reliance on these forward-looking statements. Such
statements may be identified by words such as “expects,”
“anticipates,” “intends,” “projects,” “estimates,” “plans,” “may
increase,” “may fluctuate” and similar expressions or future or
conditional verbs such as “will,” “should,” “would,” “may” and
“could.”
You should understand that forward-looking statements are not
guarantees of performance or results and are preliminary in nature.
You should consider the areas of risk described under the heading
“Cautionary Note Regarding Forward-Looking Statements” and “Risk
Factors” in our periodic reports filed with the U.S. Securities and
Exchange Commission, including our most recent Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q, in connection with
any forward-looking statements that may be made by us or our
businesses generally. Such periodic reports are available in the
“Investors” section of our website at http://www.phh.com and are
also available at http://www.sec.gov. Except for our ongoing
obligations to disclose material information under the federal
securities laws, applicable stock exchange listing standards and
unless otherwise required by law, we undertake no obligation to
release publicly any updates or revisions to any forward-looking
statements or to report the occurrence or non-occurrence of
anticipated or unanticipated events.
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version on businesswire.com: http://www.businesswire.com/news/home/20170808005764/en/
PHH CorporationInvestorsHugo Arias,
856-917-0108hugo.arias@phh.comorMediaDico Akseraylian,
856-917-0066dico.akseraylian@phh.com
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