Cendant To Spin-Off PHH MortgageUnit

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NEW YORK - (01/14/04) -- Cendant Corp. said it plans tospin-off its PHH Mortgage unit, which provides mortgage banking formore than 1,000 credit unions, as well as its fleet operations, ina tax-fee distribution to its shareholders. PHH was acquired byCendant five years ago and does business as Cendant Mortgage. It isthe nation's sixth largest mortgage originator. The spin-off isscheduled to take place in the first quarter of 2005.

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