No Takers for PHH Mortgage Firm One of the country's big mortgage providers says efforts to sell itself have failed. PHH (formerly known as Cendant) is one of the country's top home-loan companies. The private buyout firm Blackstone was planning to buy the company's mortgage business.
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No Takers for PHH Mortgage Firm

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No Takers for PHH Mortgage Firm

No Takers for PHH Mortgage Firm

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STEVE INSKEEP, host:

In today's business news. Hey, you want to buy a mortgage company?

(Soundbite of music)

INSKEEP: The big private buyout firm Blackstone does not want to buy. One of the country's big mortgage providers has announced that efforts to sell itself have failed because PHH, formerly known as Cendant, one of the country's top home loan companies, is worth less than it seemed. And the big private buyout firm Blackstone has backed out of plans to buy it. According to one report, financiers say the company's mortgage business is not worth as much as it seemed last year when this deal got started and when mortgage markets seemed more stable.

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