PHH unit says, after review, it won’t halt foreclosures

The mortgage subsidiary of PHH Corp. in Mount Laurel said today that it is not joining the ranks of lenders halting foreclosures because of shortcuts in the legal process.

The company "has completed a comprehensive review of its foreclosure procedures. Based on this review, PHH Mortgage has not halted foreclosures in any states and has no plans to initiate a foreclosure moratorium," PHH president and chief executive Jerry Selitto said in a release.

PHH was servicing $156 billion in mortgages at the end of June, according its most recent quarterly report.    - Harold Brubaker