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PHH Tumbles 16%, Withdraws Prior Guidance

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Shares of PHH Corporation PHH 17.3% plunged more than 16 percent on Monday after the company withdrew its prior financial guidance and announced changes to its private label client relationship.

PHH said Merrill Lynch Home Loans indicated its intent to move the origination of new applications for certain mortgage loan products to its internal operations by the end of the month. The company...