No Fear for Blackstone in PHH Deal

The private equity giant is entering the beleaguered mortgage field with a $1.8 billion deal for PHH Corp.

The smart money, if no one else, appears to have the stomach to buy into the mortgage lending business right now. Private equity firm Blackstone Group is planning to buy PHH Corp.'s (PHH) mortgage unit—the latest example of a large investor seeing promise amid the recent declines of high-risk mortgage lending.

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