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PHH sinks as low interest rates destroy mortgage servicing
May 04, 2016The first quarter’s historically low interest rates already pulled down the performance of Nationstar Mortgage, Walter Investment and Ocwen Financial thanks to the impact of negative adjustments to the “fair value” of each company’s mortgage servicing rights portfolio, and now PHH Corporation is joining that unfortunate list as the company posted a loss in the first quarter.
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Walter Investment tanks thanks to low interest rates
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$1.4 billion Ginnie Mae bulk servicing pool available for purchase
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