Pennant Capital Corrects June 2, 2009 Letter To Stockholders

NEW YORK, June 5 /PRNewswire-FirstCall/ -- PHH Corp. (NYSE: PHH) - Pennant Capital Management, LLC today issued a correction of a statement in its June 2, 2009 letter to the stockholders of PHH Corporation. In reference to PHH's first quarter earnings of $2 million, or $.04 per share, the letter had stated that this quarterly profit was PHH's first quarterly profit in the last fourteen quarters. The letter should have indicated that PHH's mortgage production segment, rather than PHH itself, had earned, in the first quarter of 2009, its first quarterly profit in fourteen quarters.

Recent segment results reported by PHH are as follows:

                    PHH Corporation Reported Segment Profit
                               ($ in millions)

                              2005    2006    2007    2008   1Q 2009
    Mortgage Production       $(17)  $(152)  $(225)   $(93)     $113
    Mortgage Servicing        $140     $44     $75   $(430)    $(118)
    Fleet Management           $80    $102    $116     $62        $7

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