CONFIRMATION Date: September 29, 2009 To: PHH Corporation (Issuer) Facsimile: (856) 917-4278 Attention: Treasurer From: Citibank, N.A. (Dealer) Facsimile: (212) 622-8534

EXHIBIT 10.6

CONFIRMATION

Date:		September 29, 2009
To:		PHH Corporation (“Issuer”)
Facsimile:		(856) 917-4278
Attention:		Treasurer
From:		Citibank, N.A. (“Dealer”)
Facsimile:		(212) 622-8534

Transaction Reference Number:

     The purpose of this communication (this “Confirmation”) is to set forth the terms and conditions of the above-referenced Transaction entered into on the Trade Date specified below between you and us. This Confirmation supplements, forms a part of, and is subject to the Master Terms and Conditions for Warrants Issued by PHH Corporation, between Citibank, N.A. and PHH Corporation, dated as of September 23, 2009 (as amended from time to time, the “Master Confirmation”).

     1. The definitions and provisions contained in the Definitions (as such term is defined in the Master Confirmation) and in the Master Confirmation are incorporated into this Confirmation. In the event of any inconsistency between those definitions and provisions and this Confirmation, this Confirmation will govern.

     2. The particular Transaction to which this Confirmation relates shall have the following terms:

Trade Date:		September 29, 2009
Effective Date:		September 29, 2009
Strike Price:		USD 34.74
Premium:		USD 1,412,700.00
Premium Payment Date:		The Effective Date.
Maximum Delivery Amount:		At any time, a number of Shares equal to the product of the Transaction Multiplier and the Number of Shares at such time.
Transaction Multiplier:		1.35

For each Component of the Transaction, the Number of Warrants and Expiration Date are as set forth below.

Component Number		Number of Warrants				Expiration Date
1.			3,293			December 1, 2014
2.			3,293			December 2, 2014
3.			3,293			December 3, 2014
4.			3,293			December 4, 2014
5.			3,293			December 5, 2014
6.			3,293			December 8, 2014
7.			3,293			December 9, 2014
8.			3,293			December 10, 2014
9.			3,293			December 11, 2014
10.			3,293			December 12, 2014
11.			3,293			December 15, 2014
12.			3,293			December 16, 2014
13.			3,293			December 17, 2014
14.			3,293			December 18, 2014
15.			3,293			December 19, 2014
16.			3,293			December 22, 2014
17.			3,293			December 23, 2014
18.			3,293			December 24, 2014
19.			3,293			December 26, 2014
20.			3,293			December 29, 2014
21.			3,293			December 30, 2014
22.			3,293			December 31, 2014
23.			3,293			January 2, 2015
24.			3,293			January 5, 2015
25.			3,293			January 6, 2015
26.			3,293			January 7, 2015
27.			3,293			January 8, 2015
28.			3,293			January 9, 2015
29.			3,293			January 12, 2015
30.			3,293			January 13, 2015
31.			3,293			January 14, 2015
32.			3,293			January 15, 2015
33.			3,293			January 16, 2015
34.			3,293			January 20, 2015
35.			3,293			January 21, 2015
36.			3,293			January 22, 2015
37.			3,293			January 23, 2015
38.			3,293			January 26, 2015
39.			3,293			January 27, 2015
40.			3,293			January 28, 2015
41.			3,293			January 29, 2015
42.			3,293			January 30, 2015

Component Number		Number of Warrants				Expiration Date
43.			3,293			February 2, 2015
44.			3,293			February 3, 2015
45.			3,293			February 4, 2015
46.			3,293			February 5, 2015
47.			3,293			February 6, 2015
48.			3,293			February 9, 2015
49.			3,293			February 10, 2015
50.			3,293			February 11, 2015
51.			3,293			February 12, 2015
52.			3,293			February 13, 2015
53.			3,293			February 17, 2015
54.			3,293			February 18, 2015
55.			3,293			February 19, 2015
56.			3,293			February 20, 2015
57.			3,293			February 23, 2015
58.			3,293			February 24, 2015
59.			3,293			February 25, 2015
60.			3,293			February 26, 2015
61.			3,293			February 27, 2015
62.			3,293			March 2, 2015
63.			3,293			March 3, 2015
64.			3,293			March 4, 2015
65.			3,293			March 5, 2015
66.			3,293			March 6, 2015
67.			3,293			March 9, 2015
68.			3,293			March 10, 2015
69.			3,293			March 11, 2015
70.			3,293			March 12, 2015
71.			3,293			March 13, 2015
72.			3,293			March 16, 2015
73.			3,293			March 17, 2015
74.			3,293			March 18, 2015
75.			3,293			March 19, 2015
76.			3,293			March 20, 2015
77.			3,293			March 23, 2015
78.			3,293			March 24, 2015
79.			3,293			March 25, 2015
80.			3,293			March 26, 2015
81.			3,293			March 27, 2015
82.			3,293			March 30, 2015
83.			3,293			March 31, 2015
84.			3,293			April 1, 2015
85.			3,293			April 2, 2015
86.			3,293			April 6, 2015

Component Number		Number of Warrants				Expiration Date
87.			3,293			April 7, 2015
88.			3,293			April 8, 2015
89.			3,293			April 9, 2015
90.			3,293			April 10, 2015
91.			3,293			April 13, 2015
92.			3,293			April 14, 2015
93.			3,293			April 15, 2015
94.			3,293			April 16, 2015
95.			3,293			April 17, 2015
96.			3,293			April 20, 2015
97.			3,293			April 21, 2015
98.			3,293			April 22, 2015
99.			3,293			April 23, 2015
100.			3,293			April 24, 2015
101.			3,293			April 27, 2015
102.			3,293			April 28, 2015
103.			3,293			April 29, 2015
104.			3,293			April 30, 2015
105.			3,293			May 1, 2015
106.			3,293			May 4, 2015
107.			3,293			May 5, 2015
108.			3,293			May 6, 2015
109.			3,293			May 7, 2015
110.			3,293			May 8, 2015
111.			3,293			May 11, 2015
112.			3,293			May 12, 2015
113.			3,293			May 13, 2015
114.			3,293			May 14, 2015
115.			3,293			May 15, 2015
116.			3,293			May 18, 2015
117.			3,293			May 19, 2015
118.			3,293			May 20, 2015
119.			3,293			May 21, 2015
120.			3,405			May 22, 2015

     3. Issuer hereby agrees (a) to check this Confirmation promptly upon receipt so that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing correctly sets forth the terms of the agreement between us with respect to the particular Transaction to which this Confirmation relates, by manually signing this Confirmation and providing any other information requested herein and immediately returning an executed copy to Confirmation Unit via ###-###-####. Hard copies should be returned to Citibank, N.A., 333 West 34th Street, 2nd Floor, New York, New York 10001, Attention: Confirmation Unit.