CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Millions, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 875	$ 414
Restricted cash, cash equivalents and investments (including $205 and $226 of available-for-sale securities at fair value)	515	574
Mortgage loans held for sale	1,644	2,658
Accounts receivable, net of allowance for doubtful accounts of $3 and $2	693	700
Net investment in fleet leases	3,610	3,515
Mortgage servicing rights	1,296	1,209
Property, plant and equipment, net	63	64
Goodwill	25	25
Other assets	525	618
Total assets	9,246	9,777
LIABILITIES AND EQUITY
Accounts payable and accrued expenses	484	504
Debt	6,216	6,914
Deferred taxes	683	626
Other liabilities	294	272
Total liabilities	7,677	8,316
Commitments and contingencies (Note 10)
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; 56,645,733 shares issued and outstanding at March 31, 2012; 56,361,155 shares issued and outstanding at December 31, 2011	1	1
Additional paid-in capital	1,115	1,082
Retained earnings	413	338
Accumulated other comprehensive income	25	21
Total PHH Corporation stockholders' equity	1,554	1,442
Noncontrolling interest	15	19
Total equity	1,569	1,461
Total liabilities and equity	$ 9,246	$ 9,777