Tuesday, January 01, 2008

Mortgage "Implosion" Scuttles PHH Deal

by Calculated Risk on 1/01/2008 12:11:00 PM

From the WSJ: PHH Ends Agreement With Blackstone, GE Unit (hat tip Terry)

PHH Corp. said Tuesday it terminated its planned deal with private-equity firm Blackstone Group and a unit of General Electric Co. amid problems with the availability of debt financing needed to fund part of the transaction.
...
The ... company's industry has been hit hard by the implosion of the mortgage business at large. ... PHH says it is one of the top originators of residential mortgages in the U.S. ... Most are "prime" loans ...
Tanta is right: "We're All Subprime Now."