Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2013

Variable Interest Entities

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

	June 30, 2013
			Chesapeake		FLRT and
	PHH Home		and D.L.		PHH Lease
	Loans		Peterson Trust		Receivables LP
	(In millions)
ASSETS
Cash	$	66	$	1	$	—
Restricted cash(1)	4		244		50
Mortgage loans held for sale	658		—		—
Accounts receivable, net	28		64		—
Net investment in fleet leases	—		2,999		635
Property, plant and equipment, net	2		—		—
Other assets	22		14		7
Total assets	$	780	$	3,322	$	692
Assets held as collateral(2)	$	658	$	3,307	$	685
LIABILITIES
Accounts payable and accrued expenses	$	24	$	2	$	8
Debt	619		2,881		632
Other liabilities	17		—		—
Total liabilities(3)	$	660	$	2,883	$	640

	December 31, 2012
			Chesapeake		FLRT and
	PHH Home		and D.L.		PHH Lease
	Loans		Peterson Trust		Receivables LP
	(In millions)
ASSETS
Cash	$	59	$	2	$	—
Restricted cash(1)	4		186		59
Mortgage loans held for sale	716		—		—
Accounts receivable, net	17		73		—
Net investment in fleet leases	—		2,856		675
Property, plant and equipment, net	2		—		—
Other assets	20		12		7
Total assets	$	818	$	3,129	$	741
Assets held as collateral(2)	$	691	$	3,114	$	731
LIABILITIES
Accounts payable and accrued expenses	$	25	$	2	$	8
Debt	629		2,771		662
Other liabilities	13		—		—
Total liabilities(3)	$	667	$	2,773	$	670

(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 10, “Debt and Borrowing Arrangements” for further information.

(3) Excludes intercompany payables.