PHH Corporation Announces Pricing of Series 2009-2 Asset Backed Notes Offering by Chesapeake Funding LLC

MOUNT LAUREL, N.J.--(Business Wire)--
PHH Corporation (NYSE:PHH) today announcedthe pricing by its indirect
wholly-owned subsidiary, Chesapeake Funding LLC ("Chesapeake"), of $850 million
in aggregate principal amount of its Series 2009-2 Floating Rate Asset Backed
Notes, Class A (the "Notes"), which are expected to qualify upon issuance as
"eligible collateral" under and as defined in the Term Asset-Backed Securities
Loan Facility, or "TALF", established by the Federal Reserve Bank of New York,
in a private placement. The net proceeds from the offering of the Notes will be
used to repay a portion of Chesapeake`s Series 2006-1 Floating Rate Asset Backed
Variable Funding Investor Notes, with any remaining proceeds from the offering
expected to be used to make loans to another of PHH Corporation`s indirect
wholly-owned subsidiaries, Chesapeake Finance Holdings LLC, to fund the
acquisition of vehicles to be leased to customers of PHH Corporation`s fleet
management business. This offering is expected to close on September 11, 2009.

The Notes have not been and will not be registered under the Securities Act of
1933, as amended (the "Securities Act"), or any applicable state securities
laws, and may not be offered or sold in the United States without registration
under the Securities Act or pursuant to an applicable exemption from such
registration. The Notes will be sold to qualified institutional buyers in
reliance on Rule 144A under the Securities Act and to persons outside the United
States pursuant to Regulation S. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy the Notes, nor shall it
constitute an offer, solicitation or sale of the Notes in any state in which
such offer, solicitation or sale would be unlawful.

About PHH Corporation

Headquartered in Mount Laurel, New Jersey, PHH Corporation is a leading
outsource provider of mortgage and vehicle fleet management services. Its
subsidiary, PHH Mortgage Corporation, 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.
For additional information about the company and its subsidiaries, please visit
our website at www.phh.com.

1 Inside Mortgage Finance, Copyright 2009

Forward-Looking Statements

Statements in this press release that are not historical facts are
forward-looking statements within the meaning of Section 27A of the Securities
Act and Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"). These statements are subject to known and unknown risks,
uncertainties and other factors which may cause our actual results, performance
or achievements to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements. You
should understand that these statements are not guarantees of performance or
results and are preliminary in nature. Statements preceded by, followed by or
that otherwise include the words "believes", "expects", "anticipates",
"intends", "projects", "estimates", "plans", "may increase", "may result", "will
result", "may fluctuate" and similar expressions or future or conditional verbs
such as "will", "should", "would", "may" and "could" are generally
forward-looking in nature and not historical facts.

You should consider the areas of risk described under the heading "Cautionary
Note Regarding Forward-Looking Statements" and "Risk Factors" in our periodic
reports filed with the Securities and Exchange Commission under the Exchange Act
in connection with any forward-looking statements that may be made by us and our
businesses generally. Except for our ongoing obligations to disclose material
information under the federal securities laws, we undertake no obligation to
release publicly any updates or revisions to any forward-looking statements, to
report events or to report the occurrence of unanticipated events unless
required by law.

PHH Corporation
Investors:
Nancy R. Kyle, 856-917-4268

Copyright Business Wire 2009