PHH Corp. Losing Ground, says S&P

Mortgage company PHH Corp. watched its stock fall nearly 15 percent last week after Standard and Poor’s Rating Services downgraded the company’s credit and unsecured debt from BB+ to BB-, according to HousingWire. S & P does not think PHH can repay the $423 million in debt due in March 2013, and has threatened to downgrade the rating even more if “management is unable to execute a clear strategy” to repay it.” In 2010 PHH comprised 3.1 percent of the market, the seventh-highest originator of mortgages, with $49 billion. In the third quarter 2011 the company lost $148 million, compared to $8 million for the same period 2010.

(Graphic credit: PHH Corp.)

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