CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Millions, unless otherwise specified	Sep. 30, 2014		Dec. 31, 2013
ASSETS
Cash and cash equivalents	$ 1,451		$ 1,126
Restricted cash	47		27
Investment securities (at amortized cost)	250
Mortgage loans held for sale	721		834
Accounts receivable, net	672		630
Mortgage servicing rights	1,114		1,279
Property and equipment, net	38		51
Other assets	390		450
Assets held for sale			4,456
Total assets	4,683	[1]	8,853	[1]
LIABILITIES AND EQUITY
Accounts payable and accrued expenses	1,072		583
Debt	1,580		2,024
Deferred taxes	309		687
Other liabilities	114		150
Liabilities held for sale			3,719
Total liabilities	3,075	[1]	7,163	[1]
Commitments and contingencies (Note 12)
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;50,840,342 shares issued and outstanding at September 30, 2014; 57,265,517 shares issued and outstanding at December 31, 2013	1		1
Additional paid-in capital	985		1,142
Retained earnings	599		507
Accumulated other comprehensive (loss) income	(6)		16
Total PHH Corporation stockholders' equity	1,579		1,666
Noncontrolling interest	29		24
Total equity	1,608		1,690
Total liabilities and equity	$ 4,683		$ 8,853

[1] The Condensed Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle the obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows: