Pennant Capital Management, LLC Alerts PHH Corporation Stockholders to April 22,...

Pennant Capital Management, LLC Alerts PHH Corporation Stockholders to April
22, 2009 Record Date for PHH's 2009 Annual Meeting of Stockholders

Urges Stockholders to Take Steps to Ensure Ability to Vote at June 10, 2009
Meeting

NEW YORK, March 30 /PRNewswire/ -- Pennant Capital Management, LLC, PHH
Corporation's (NYSE: PHH) largest stockholder, noted today that PHH
Corporation has set a record date of April 22, 2009 and a meeting date of June
10, 2009 for its upcoming 2009 Annual Meeting of Stockholders according to the
New York Stock Exchange Bulletin.

Pennant, the beneficial holder of approximately 9.97% of PHH Corporation's
common shares, has notified PHH that it intends to nominate two independent
candidates -- Allan Z. Loren and Gregory J. Parseghian -- for election to
PHH's board at the June 10, 2009 Annual Meeting. Pennant expects to file its
preliminary proxy statement with the Securities and Exchange Commission in the
near future.

Pennant urges PHH stockholders to take the necessary steps with their
custodial banks and brokerage firms to ensure they have the ability to vote at
PHH's upcoming Annual Meeting. Shares held in margin accounts may be loaned
out by brokers on the April 22, 2009 record date and, if subject to a stock
loan, cannot be voted by the beneficial owner whose shares were loaned out.
In order to ensure that PHH stockholders have the ability to vote, they should
move their shares into a cash account in advance of the April 22 record date.

Investors who are "long" PHH through equity swaps do not have the right to
vote shares at the PHH Annual Meeting. In order to have the ability to vote
in respect of a PHH position held in swap, investors should begin the process
of unwinding any swaps and moving into physical shares so that the transaction
settles in advance of the April 22 record date.

Investors who are invested in PHH through swap, or who are interested in
adding to their ownership of PHH, should complete any purchases by April 17 in
order to allow for trade settlement by the record date and to allow the shares
to vote at the Annual Meeting.

About Pennant:
Pennant Capital Management, LLC is an investment advisor founded by Alan
Fournier in 2001 and currently manages over $2.6 billion in investor capital.

Contact:
Mark H. Harnett
MacKenzie Partners, Inc.
212-929-5500

In connection with their intended proxy solicitation, Pennant Capital
Management, LLC and certain of its affiliates intend to file a proxy statement
with the Securities and Exchange Commission (the "SEC") to solicit PHH
stockholders. PENNANT CAPITAL MANAGEMENT, LLC STRONGLY ADVISES ALL PHH
STOCKHOLDERS TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE BECAUSE IT
WILL CONTAIN IMPORTANT INFORMATION, INCLUDING INFORMATION RELATING TO THE
PARTICIPANTS IN ANY SUCH PROXY SOLICITATION. SUCH PROXY STATEMENT, WHEN
FILED, AND ANY OTHER RELEVANT DOCUMENTS WILL BE AVAILABLE AT NO CHARGE ON THE
SEC'S WEBSITE AT HTTP://WWW.SEC.GOV.

PENNANT CAPITAL PARTICIPANT INFORMATION. In accordance with Rule
14a-12(a)(1)(i) of the Securities Exchange Act of 1934, as amended, the
following persons are anticipated to be, or may be deemed to be, participants
in any such proxy solicitation by Pennant Capital Management, LLC: Pennant
Offshore Partners, Ltd.; Pennant Onshore Partners, LP; Pennant Onshore
Qualified, LP; Pennant Spinnaker Fund LP; Pennant Windward Fund, LP; Pennant
Windward Fund, Ltd.; Mr. Fournier; Allan Loren; and Greg Parseghian. Certain
of these persons hold direct or indirect interests as follows: Pennant Capital
Management, LLC may be deemed to beneficially own 5,407,141 shares of Common
Stock; Mr. Fournier may be deemed to beneficially own 5,407,141 shares of
Common Stock; Pennant Offshore Partners, Ltd. may be deemed to beneficially
own 1,065,135 shares of Common Stock; Pennant Onshore Partners, LP may be
deemed to beneficially own 311,318 shares of Common Stock; Pennant Onshore
Qualified, LP may be deemed to beneficially own 661,584 shares of Common
Stock; Pennant Spinnaker Fund LP may be deemed to beneficially own 466,814
shares of Common Stock; Pennant Windward Fund, LP may be deemed to
beneficially own 1,149,487 shares of Common Stock; Pennant Windward Fund, Ltd.
may be deemed to beneficially own 1,752,803; and Messrs. Loren and Parseghian
each have an interest in being nominated and elected as a director of PHH.

SOURCE Pennant Capital Management, LLC

Mark H. Harnett, MacKenzie Partners, Inc., +1-212-929-5500