In 2005 PHH Corporation left Cendant and went public in their own right. America was a great place, and billions were just lying about waiting to be scooped up. PHH has lost millions since then. Excuse me, I meant to say hundreds of millions. Billions? Maybe. If so, it has not happened to any key executives. In 2014, I asked the 5th Circuit Court to freeze these assets, and particularly to stop this $200M stock buyback program to key executives, traditionally among the last acts of a dying public corporation, like cleaning out the cash register before you shutter the shop and turn it over to the bankruptcy trustee. They completed the $200M stock repurchase plan in 2016, and their goal now in 2017 is completion of sale of 99% of MSR's or mortgage servicing rights. They are continuing to subservice for three years, for a fee, and to assign 100 employees to help out, if required. Not a wildly attractive offer to those remaining, I'm sure. They never even bought naming rights to a stadium! Would someone please drive a stake through their hearts? Now they're looking for light capital intensive projects to restructure themselves...a hot dog cart franchise across from Lehman Brothers? A countrywide dental cooperative? We shall see.
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