Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2012

Variable Interest Entities

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

	March 31, 2012
			Chesapeake		FLRT and
	PHH Home		and D.L.		PHH Lease
	Loans		Peterson Trust		Receivables LP
	(In millions)
ASSETS
Cash	$	21	$	5	$	—
Restricted cash(1)	2		217		55
Mortgage loans held for sale	498		—		—
Accounts receivable, net	18		44		—
Net investment in fleet leases	—		2,866		613
Property, plant and equipment, net	1		—		—
Other assets	18		7		10
Total assets	$	558	$	3,139	$	678
Assets held as collateral(2)	$	456	$	3,127	$	658
LIABILITIES
Accounts payable and accrued expenses	$	17	$	2	$	11
Debt	432		2,633		588
Other liabilities	8		—		—
Total liabilities(3)	$	457	$	2,635	$	599

	December 31, 2011
			Chesapeake		FLRT and		Mortgage
	PHH Home		and D.L.		PHH Lease		Securitization
	Loans		Peterson Trust		Receivables LP		Trust
	(In millions)
ASSETS
Cash	$	52	$	2	$	—	$	—
Restricted cash(1)	2		262		49		—
Mortgage loans held for sale	476		—		—		—
Accounts receivable, net	21		58		—		—
Net investment in fleet leases	—		2,818		572		—
Property, plant and equipment, net	1		—		—		—
Other assets	18		8		12		28
Total assets	$	570	$	3,148	$	633	$	28
Assets held as collateral(2)	$	463	$	3,138	$	610	$	—
LIABILITIES
Accounts payable and accrued expenses	$	21	$	2	$	13	$	—
Debt	434		2,549		538		21
Other liabilities	9		—		—		—
Total liabilities(3)	$	464	$	2,551	$	551	$	21

(1)Represents amounts specifically designated to purchase assets, repay debt and/or provide over-collateralization related to vehicle  management asset-backed debt arrangements.

(2)Represents amounts not available to pay the Company’s general obligations.  See Note 7, “Debt and Borrowing Arrangements” for further information.

(3)Excludes intercompany payables.