PHH Corp. is considering selling its mortgage banking business, a move that is apparently being driven by some of the company's investors.

"Our decision to explore a separation or sale of our businesses reflects our determination to maximize shareholder value. We appreciate the constructive input we have received from Orange Capital and our other shareholders in this regard," Glen A. Messina, president and CEO of PHH Corporation, said in a press release Tuesday. Orange Capital, an activist investor, acquired about 5% of PHH in September and raised the stake to 6% in January.

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