Sale of NJ-based lender collapses

New Jersey-based PHH, one of the largest originators of residential
home loans, has announced that its planned $1.8 billion sale to General
Electric and the Blackstone Group has fallen through. JPMorgan and
Lehman Brothers slashed financing for the sale, and PHH said Blackstone
was unable to find alternative financing. Blackstone was reportedly
unable to convince lenders that PHH was still worth as much as it was
in March, before the mortgage meltdown. more [NYT] and more [WSJ]