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Cendant Completes Planned Spin-Off of Mortgage Subsidiary.
New York -- Cendant Corp. here earlier this month spun-off its mortgage and fleet unit to the public, a move that will cost the parent company as much as $650 million after taxes.
Late in its first week of trading, shares of the new company, which is called PHH Corp., were trading at about $20.20 each, which gave it a market capitalization of about $1.06 billion - about half of what Cendant tried to sell the mortgage unit for last year. "If I'm a shareholder of Cendant, I'm not a happy person," said one investment banker familiar with PHH Mortgage, formerly known as Cendant Mortgage.
In a statement, Cendant said 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."
A non-depository lender, PHH Mortgage is the nation's 10th largest residential servicer with $147 billion in receivables. The mortgage company is based in Mount Laurel, N.J.
It is best known in the industry as a private-label funder with a client list that includes several financial service firms, including Merrill Lynch. Among originators, ...
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Source: HighBeam Research, Cendant Completes Planned Spin-Off of Mortgage Subsidiary.