CONSOLIDATED BALANCE SHEETS (USD $) In Millions, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
ASSETS
Cash and cash equivalents	$ 414	$ 195
Restricted cash, cash equivalents and investments (including $226 and $254 of available-for-sale securities at fair value)	574	531
Mortgage loans held for sale	2,658	4,329
Accounts receivable, net of allowance for doubtful accounts of $2 and $4	700	573
Net investment in fleet leases	3,515	3,492
Mortgage servicing rights	1,209	1,442
Property, plant and equipment, net	64	46
Goodwill	25	25
Other assets	618	637
Total assets	9,777	11,270
LIABILITIES AND EQUITY
Accounts payable and accrued expenses	504	521
Debt	6,914	8,085
Deferred taxes	626	728
Other liabilities	272	358
Total liabilities	8,316	9,692
Commitments and contingencies (Note 14)
EQUITY
Preferred stock, $0.01 par value; 1,090,000 shares authorized; none issued or outstanding
Common stock, $0.01 par value; 273,910,000 shares authorized; 56,361,155 shares issued and outstanding at December 31, 2011; 55,699,218 shares issued and outstanding at December 31, 2010	1	1
Additional paid-in capital	1,082	1,069
Retained earnings	338	465
Accumulated other comprehensive income	21	29
Total PHH Corporation stockholders' equity	1,442	1,564
Noncontrolling interest	19	14
Total equity	1,461	1,578
Total liabilities and equity	$ 9,777	$ 11,270