UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                  SCHEDULE 14A
           Proxy Statement Pursuant to Section 14(a) of the Securities
                              Exchange Act of 1934

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                                 PHH CORPORATION
                          ----------------------------
                (Name of Registrant as Specified In Its Charter)

                         PENNANT CAPITAL MANAGEMENT, LLC
                         PENNANT OFFSHORE PARTNERS, LTD.
                          PENNANT ONSHORE PARTNERS, LP
                          PENNANT ONSHORE QUALIFIED, LP
                            PENNANT SPINNAKER FUND LP
                            PENNANT WINDWARD FUND, LP
                           PENNANT WINDWARD FUND, LTD.
                                  ALAN FOURNIER
                                 ALLAN Z. LOREN
                              GREGORY J. PARSEGHIAN

                         -------------------------------
    (Name of Person(s) Filing Proxy Statement, if other than the Registrant)

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     On June 3, 2009,  Pennant  Capital  Management,  LLC issued a press release
urging PHH Corporation ("PHH") stockholders to vote for the independent nominees
to the Board of  Directors  of PHH at PHH's  2009  annual  stockholders  meeting
scheduled to be held on June 10, 2009.  The press release is attached  hereto as
Exhibit 1 and is incorporated herein by reference.

                                    * * * * *

     Exhibits
     --------
     Exhibit 1  Press Release issued by Pennant Capital Management, LLC on
                June 3, 2009.





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