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Press release from Business Wire

Glen Messina Named President and CEO of PHH Corporation

<p class='bwalignc'> <i><b>Jerome Selitto Resigns as President and Chief Executive Officer</b></i> </p>

Wednesday, January 04, 2012

Glen Messina Named President and CEO of PHH Corporation09:04 EST Wednesday, January 04, 2012 MT. LAUREL, N.J. (Business Wire) -- PHH Corporation (NYSE: PHH) (“PHH”) announced today that its board of directors has elected Glen A. Messina, President and Chief Executive Officer, effective immediately. Mr. Messina has also been elected to the board of directors as a Class III director. Mr. Messina has been the company's Chief Operating Officer since joining the company in July 2011. Mr. Messina succeeds Jerome Selitto, who has resigned as President and Chief Executive Officer, effective immediately. “We are delighted to name Glen Messina as our President and CEO,” said Jim Egan, Chairman of the PHH Corporation Board of Directors. “The prolonged uncertainty and volatility in the global economy and capital markets, along with a U.S. housing market that remains challenging, requires an emphasis on liquidity and cash generation over growth in the near term. The board unanimously believes that Glen is the ideal executive with the right experience to lead PHH as we focus on these priorities. “Over the course of his career, Glen has developed broad and deep management experience. He has led, or held key management roles in, large, complex organizations and has direct experience in mortgage and fleet management. Glen has a solid record of helping drive shareholder value. He joined the company this past July with the mandate to focus on operational excellence, exceptional customer service and evolve our business models, processes and technologies to address the continuous change in our industries. The board has worked closely with Glen and we are impressed with all that he has accomplished as our chief operating officer in just a short time.” “I am pleased to accept these new roles, and am excited about the strong prospects for PHH,” said Mr. Messina. “We are a leading provider of business process management services for the mortgage and fleet industries. We have the strength to weather the current economic turbulence, and the vigor to resume our growth when the economy and capital markets improve. I look forward to continuing to work with the management team and our employees to capitalize on the opportunities before us, realize our true potential and increase shareholder value.” Mr. Egan said, “We thank Jerry Selitto for the contributions he has made to help establish our company as an industry leader.” Background on Glen Messina Glen A. Messina, 50, joined PHH Corporation as Chief Operating Officer in July 2011 with more than 25 years of management experience, including 17 years at General Electric Company (GE). His previous leadership roles at GE included Chief Financial Officer of the company's $6.9 billion equipment services business, and CEO and earlier CFO of GE's mortgage services business, which was one of the top ten mortgage lenders in the United States, with $400 million in revenue. Most recently, he served as Chief Executive Officer of GE Chemical and Monitoring Solutions, a global water and process specialty chemicals services business, with $1.2 billion in revenue and 3,000 employees in more than 100 countries. He earned a BS in Marketing from Ramapo College, and an MBA in Finance from Fairleigh Dickinson University. About PHH Corporation Headquartered in Mount Laurel, New Jersey, PHH Corporation is a leading provider of business process management services for the mortgage and fleet industries. Its subsidiary, PHH Mortgage, is one of the top five retail originators of residential mortgages in the United States1, and its subsidiary, PHH Arval, is a leading fleet management services provider in the United States and Canada. PHH has more than 5,000 employees dedicated to delivering premier customer service and providing value-added solutions to its clients. Forward-Looking Statements Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, forward looking-statements are not based on historical facts but instead represent only our current beliefs regarding future events. All forward-looking statements are, by their nature, subject to risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in such forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements. Such statements may be identified by words such as “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” “may increase,” “may fluctuate” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could.” You should understand that forward-looking statements are not guarantees of performance or results and are preliminary in nature. You should consider the areas of risk described under the heading “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in the prospectus and in our periodic reports filed with the U.S. Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, in connection with any forward-looking statements that may be made by us or our businesses generally. Except for our ongoing obligations to disclose material information under the federal securities laws, applicable stock exchange listing standards and unless otherwise required by law, we undertake no obligation to release publicly any updates or revisions to any forward-looking statements or to report the occurrence or non-occurrence of anticipated or unanticipated events. 1 Inside Mortgage Finance, Copyright 2011 PHH CorporationInvestorsJim Ballan, 856-917-4311jim.ballan@phh.comorMediaHeather McElrath,