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Phh Corp (PHH) Shares Are Way Too Cheap For Emanuel Friedman

Emanuel Friedman loved Phh Corp (NYSE:PHH) at $15 and he loves it more at $12.50. He bought an additional 800K shares between March 13th and March 16th. Friedman paid an average of $12.78 for Phh Corp (PHH) shares. These are probably Friedman’s last purchases because his fund now controls 9.9% of PHH’s outstanding shares.

Billionaire Larry Robbins, activist Clint Carlson, and Edward Mule’s Silver Point Capital also have very large stakes in Phh Corp (PHH). Hedge funds won’t have any trouble getting their opinions heard by the management. However, the short interest in this stock is more than 7%, meaning that there are other hedge funds who don’t share the views of these fund managers. Phh Corp, a mortgage solutions company for the real estate market and financial institutions, disappointed its investors last month and lost about 20%.

The details of EJF Capital’s recent PHH purchases can be seen below. We don’t think it is a good idea to imitate EJF Capital at this time.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
EJF Capital 5,292,329 5,292,329 5,292,329 9.9%
Emanuel J. Friedman 5,292,329 5,292,329 5,292,329 9.9%
EJF Debt Opportunities Master Fund 5,292,329 5,292,329 5,292,329 9.9%
EJF Debt Opportunities GP 5,292,329 5,292,329 5,292,329 9.9%
Emanuel J. Friedman
Emanuel J. Friedman
EJF Capital

Page 1 of 8 – SEC Filing

Washington, D.C. 20549
Under the Securities Exchange Act of 1934
(Amendment No. 1)

PHH Corporation

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)


(CUSIP Number)
David Bell
EJF Capital LLC
2107 Wilson Boulevard
Suite 410
Arlington, VA  22201
(703) 997-5716
With a copy to:
Jonathan Adler
Fried, Frank, Harris, Shriver & Jacobson LLP
One New York Plaza
New York, NY 10004

(212) 859-8000

(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)

March 16, 2017

(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. [  ]
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule.13d-7 for other parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
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