PHH

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PHH Deal Collapses After Banks Back Off

Blackstone Group says lenders reneged on original financing terms

(Newser) - The $1.8 billion sale of mortgage and auto-leasing company PHH to General Electric and  the Blackstone Group is off the table, after Blackstone was snubbed by banks it had lined up for its share of financing, Bloomberg reports. The deal is the latest private-equity buyout felled by the subprime...

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