Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2014

Variable Interest Entities

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

	March 31, 2014
							Servicing
			Chesapeake		FLRT and		Advance
	PHH Home		and D.L.		PHH Lease		Receivables
	Loans		Peterson Trust		Receivables LP		Trust
	(In millions)
ASSETS
Cash	$	80	$	10	$	—	$	—
Restricted cash(1)	3		196		47		58
Mortgage loans held for sale	268		—		—		—
Accounts receivable, net	12		45		—		97
Net investment in fleet leases	—		2,991		565		—
Property and equipment, net	2		—		—		—
Other assets	8		15		6		1
Total assets	$	373	$	3,257	$	618	$	156
Assets held as collateral(2)	$	258	$	3,232	$	612	$	155
LIABILITIES
Accounts payable and accrued expenses	$	13	$	2	$	6	$	—
Debt	247		2,873		564		117
Other liabilities	12		—		—		—
Total liabilities(3)	$	272	$	2,875	$	570	$	117

	December 31, 2013
			Chesapeake		FLRT and
	PHH Home		and D.L.		PHH Lease
	Loans		Peterson Trust		Receivables LP
	(In millions)
ASSETS
Cash	$	91	$	5	$	—
Restricted cash(1)	3		157		46
Mortgage loans held for sale	308		—		—
Accounts receivable, net	7		46		—
Net investment in fleet leases	—		2,982		599
Property and equipment, net	2		—		—
Other assets	7		12		6
Total assets	$	418	$	3,202	$	651
Assets held as collateral(2)	$	300	$	3,185	$	645
LIABILITIES
Accounts payable and accrued expenses	$	15	$	2	$	5
Debt	280		2,866		598
Other liabilities	11		—		—
Total liabilities(3)	$	306	$	2,868	$	603

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

(3) Excludes intercompany payables.