PHH Receives $50M Termination Fee

PHH Corp., a provider of mortgage services based in Mt. Laurel, N.J., has announced the receipt of a $50 million reverse termination fee from Blackstone Capital Partners V LP in connection with the recent termination of a merger pact between PHH and General Electric Capital Corp. Under the agreement, Blackstone was to acquire PHH's mortgage banking business from General Electric. PHH said it has agreed to pay up to $4.5 million of the fees of third-party consultants retained by Blackstone in connection with the terminated transactions and will receive the work product the consultants provided to Blackstone. PHH can be found online at http://www.phh.com.