MOUNT LAUREL, N.J. – Shares in PHH Corp., mortgage bank to more than 1,000 credit unions, yesterday continued to suffer amidst worries over its relationship with Merrill Lynch.
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The shares declined more than 26% last week after news that Merrill, one of the company’s biggest customers, had agreed to be acquired by Bank of America, just months after BofA had acquired mortgage bank Countrywide Financial. Yesterday, PHH shares tumbled almost 6% amidst greater turmoil in the mortgage markets, and closed at $14.49.
PHH became the largest mortgage bank for credit unions through its 2005 acquisition of CUNA Mutual Mortgage.
