PHH Corporation Is Under Attack
Alpha Gen Capital
Alpha Gen Capital
Wed, Nov. 9, 12:10 AM
Tue, Nov. 8, 5:10 PM
Mon, Nov. 7, 5:35 PM
Mon, Oct. 17, 2:36 PM
- "After 18 months of intense corporate challenges caused by their prior rapid growth, regulatory fines and sanctions, and spillover from what I consider bad behavior from a conflicted lobby group, Ocwen (NYSE:OCN) has now turned the corner and is on road profitability," writes John Devaney updating his bull thesis on the company in a sizable report, which also touches on other industry participants like ASPS, NRZ, NSM, WAC, and PHH.
- "The past four months have seen a series of meaningful events that have greatly de-risked the company and added credibility to the management and the company’s reputation."
- The stock represents deep value, says Devaney, noting tangible book value north of $10 per share, a stock price of just $3.60, and possibly $1 per share in earnings next year. He's got a price target of $6.75 by year-end 2017.
Tue, Oct. 11, 10:48 AM
- A federal appeals court has overturned Consumer Finance Protection Bureau sanctions (a $109M fine) against PHH Corp (NYSE:PHH) over a kickback scheme.
- At issue were charges PHH referred customers to insurers who then purchased reinsurance from a PHH subsidiary. The CFPB called it an illegal kickback scheme, but PHH argued the law creating the agency gave its unaccountable staff too much authority, an argument the appeals court apparently agreed with today.
- PHH initially jumped higher on the news, but is now down 2.2% on the session.
Mon, Aug. 8, 4:30 PM
Sun, Aug. 7, 5:35 PM
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Wed, May 4, 4:56 PM
- PHH Corporation (NYSE:PHH): Q1 EPS of -$0.45 misses by $0.25.
- Revenue of $157M (-39.8% Y/Y) misses by $18.17M.
Tue, May 3, 5:35 PM
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Mon, Apr. 11, 12:47 PM
Mon, Apr. 11, 9:11 AM
- Merrill Lynch Home Loans will be moving origination of certain mortgage products in-house, effective April 25, and has significantly cut its volume forecast for the remainder of this year.
- Based on 2015 numbers, this could cost PHH about 5% of that loan closing dollar volume (ML accounted for about 26% of PHH volume last year).
- In more good news, ML intends to insource its sub-servicing portfolio before year-end. ML's sub-servicing accounted for 32% of PHH's sub-servicing portfolio and 18% of its total servicing portfolio as of year-end 2015.
- PHH is pulling this year's guidance.
- Shares -5.3% premarket
- Now read: PHH Corporation Is Under Attack
Wed, Mar. 9, 4:24 PM
- Credit Suisse and JPMorgan have been hired as management and the board take a look at all strategic options, including capital structure and deployment alternatives.
- The company, of course, sold its fleet management business a couple of years back, leaving it as a pure-play nonbank mortgage originator and servicer - not exactly the best business to be in given the current rate and regulatory environment. PHH posted a core loss of $23M in Q4.
- The stock's higher by 5% in after hours trading.
Thu, Feb. 25, 1:10 PM
- The company reported a Q4 core loss of $23M, plus a $52M markdown on the value of its servicing portfolio (which falls in value as rates decline).
- Home mortgage closings of $8.8B fell 6% from a year ago.
- $100M of buybacks, with $77M in Q4, and $23M so far this year.
- CEO Glen Messina: "While we are expecting a smaller originations market and lower margins, the ultimate impact on the mortgage market in 2016 remains uncertain." He expects the company's core earnings could be breakeven to modestly profitable this year (lost $152M in 2015).
- PHH -26.3% to $8.76
Thu, Feb. 25, 12:48 PM
Wed, Feb. 24, 5:15 PM
- PHH Corporation (NYSE:PHH): Q4 EPS of -$0.38 misses by $0.08.
- Revenue of $123M (-31.7% Y/Y) misses by $74.9M.
Tue, Feb. 23, 5:35 PM
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