Refinancings Cause PHH Writedown of MSRs

The refinance boom of the third quarter both helped and hurt earnings at PHH Corp., Mt. Laurel, N.J. The company reported a net loss of $148 million during the period due to a $361 million write-down of mortgage servicing rights values.

Article source: http://www.nationalmortgagenews.com/dailybriefing/2010_467/refinancings-phh-writedown-msrs-1027262-1.html

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