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PHH Mortgage Corporation -- Moody's Assigns an SQ3 to PHH Mortgage as a Servicer of Prime, Subprime, Second Lien and as a Special Servicer

Moody's Investors Service ("Moody's") has assigned PHH Mortgage Corporation (PHH) a servicer quality assessment of SQ3 as a Primary Servicer of Prime, Subprime, Second Lien residential mortgage loans and as a Special Servicer. The assessment is based on the company's average collection, loss mitigation and foreclosure and REO timeline management, above average loan administration and below average servicing stability. PHH Corporation, through its subsidiary PHH Mortgage, is one of the largest sub-servicers of residential mortgages in the United States.