Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2011

Variable Interest Entities

Schedule of significant variable interest entities included in the Condensed Consolidated Balance Sheets

	September 30, 2011
			Chesapeake		FLRT and		Mortgage
	PHH Home		and D.L.		PHH Lease		Securitization
	Loans		Peterson Trust		Receivables LP		Trust
	(In millions)
ASSETS
Cash	$	17	$	2	$	—	$	—
Restricted cash(1)	2		215		42		—
Mortgage loans held for sale	512		—		—		—
Accounts receivable, net	17		64		—		—
Net investment in fleet leases	—		2,709		505		—
Property, plant and equipment, net	1		—		—		—
Other assets	19		9		2		32
Total assets	$	568	$	2,999	$	549	$	32
Assets held as collateral(2)	$	447	$	2,988	$	517	$	—
LIABILITIES
Accounts payable and accrued expenses	$	18	$	2	$	2	$	—
Debt	417		2,448		453		25
Other liabilities	10		—		—		—
Total liabilities(3)	$	445	$	2,450	$	455	$	25

	December 31, 2010
			Chesapeake		FLRT and		Mortgage
	PHH Home		and D.L.		PHH Lease		Securitization
	Loans		Peterson Trust		Receivables LP		Trust
	(In millions)
ASSETS
Cash	$	40	$	4	$	—	$	—
Restricted cash (1)	—		202		39		—
Mortgage loans held for sale	384		—		—		—
Accounts receivable, net	14		50		—		—
Net investment in fleet leases	—		2,854		502		—
Property, plant and equipment, net	1		—		—		—
Other assets	10		12		18		42
Total assets	$	449	$	3,122	$	559	$	42
Assets held as collateral (2)	$	331	$	3,106	$	506	$	—
LIABILITIES
Accounts payable and accrued expenses	$	20	$	3	$	16	$	—
Debt	304		2,577		450		30
Other liabilities	5		—		—		—
Total liabilities (3)	$	329	$	2,580	$	466	$	30

(1) Relates primarily to amounts collected for lease payments and related receivables specifically designated to purchase assets, to repay debt and/or to provide over-collateralization related to vehicle management asset-backed debt arrangements.

(2) Relates to the entity’s borrowing arrangements and are not available to pay the Company’s general obligations.  See Note 7, “Debt and Borrowing Arrangements” for further information.

(3) Excludes intercompany payables.