Condensed Consolidated Balance Sheets (Unaudited) (USD $) In Millions	Jun. 30, 2011		Dec. 31, 2010
ASSETS
Cash and cash equivalents	$ 212		$ 195
Restricted cash, cash equivalents and investments (including $241 and $254 of available-for-sale securities at fair value)	535		531
Mortgage loans held for sale	1,707		4,329
Accounts receivable, net	672		573
Net investment in fleet leases	3,526		3,492
Mortgage servicing rights	1,508		1,442
Property, plant and equipment, net	60		46
Goodwill	25		25
Other assets	504		637
Total assets	8,749	[1]	11,270	[1]
LIABILITIES AND EQUITY
Accounts payable and accrued expenses	452		521
Debt	5,697		8,085
Deferred taxes	722		728
Other liabilities	280		358
Total liabilities	7,151	[1]	9,692	[1]
Commitments and contingencies (Note 10)
EQUITY
Preferred stock, $0.01 par value; 1,090,000 shares authorized; none issued or outstanding	0		0
Common stock, $0.01 par value; 273,910,000 shares authorized; 56,330,713 shares issued and outstanding at June 30, 2011; 55,699,218 shares issued and outstanding at December 31, 2010	1		1
Additional paid-in capital	1,079		1,069
Retained earnings	473		465
Accumulated other comprehensive income	36		29
Total PHH Corporation stockholders' equity	1,589		1,564
Noncontrolling interest	9		14
Total equity	1,598		1,578
Total liabilities and equity	$ 8,749		$ 11,270

[1] The Condensed Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle their obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows: