PHH collapse: not a one-off

Author: Nicholas Pettifer | Published: 9 Jan 2008

More deals will collapse like PHH and private equity buyers will continue to blame banks, according to counsel.

Blackstone's proposed $1.8 billion acquisition of mortgage and leasing business PHH from General Electric fell through last week. Straight after that announcement, Blackstone released a statement which put the responsibility for the collapse on the banks:

"We regret that the banks are now unwilling to provide financing under the terms they...

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