Hotchkis and Wiley Capital Now Own 10% of PHH Corp

PHH Corporation, Hotchkis and Wiley Capital: In a recent filing with the Securities and Exchange Comission, Hotchkis and Wiley Capital Management reported strengthening their exposure in PHH Corporation (NYSE:PHH), owning around 5.75 million shares, in comparison with almost 5.30 million shares reported in the latest 13F. In this way, Hotchkis and Wiley now own 10.06% of PHH Corporation, with the aggregate value of their shares amounting to $142.57 million.

PHH Corporation recorded a net income attributable to shareholders worth $90 million, or $1.58 per basic share in the second quarter of the year, versus a $57 million loss posted for the same period of last year. “We are taking the necessary actions to reposition our mortgage businesses for the current interest rate and regulatory environment. We are scaling expenses to be consistent with lower expected mortgage production volumes, while maintaining our commitment to high customer service levels and accommodating the demands of the rapidly-changing regulatory environment,” the  president  and  CEO  of  PHH  Corporation, Glen  A.  Messina, said in a statement.

Doug Silverman and Alexander Klabin‘s Senator Investment Group is another shareholder with a long position in PHH Corporation, with 5 million shares reported in the latest round of 13F filings.

Disclosure: none

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