KBW Reiterates OP Rating On PHH

Last Friday, American Banker reported that under the upcoming Qualified Residential Mortgage (QRM) rules, securitizers will have the option of retaining risk either in the form of a vertical slice or a horizontal slice, KBW reports. “While retaining a vertical slice should be beneficial to bank securitizers, we do not think it will put non-banks at a disadvantage,” KBW writes. “We reiterate our OP rating on PHH Corporation PHH.” PHH Corporation closed Friday at $20.77.