CONFIRMATION Date: March 27, 2008 To: PHH Corporation (Issuer) Facsimile: (856) 917-4278 Attention: Treasurer From: JPMorgan Chase Bank, National Association (JPMorgan) Facsimile: (212) 622-8534

Exhibit 10.5

CONFIRMATION

Date:		March 27, 2008
To:		PHH Corporation (“Issuer”)
Facsimile:		(856) 917-4278
Attention:		Treasurer
From:		JPMorgan Chase Bank, National Association (“JPMorgan”)
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 JPMorgan Chase Bank, National Association and PHH Corporation, dated as of March 27, 2008 (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:		March 27, 2008
Effective Date:		April 2, 2008
Strike Price:		USD 27.20
Premium:		USD 6,265,800
Premium Payment Date:		The Effective Date.
Maximum Delivery Amount:		3,246,000 Shares (as adjusted for stock splits, stock dividends, recapitalizations and similar events)

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.		26,829		July 16, 2012
2.		26,829		July 17, 2012
3.		26,829		July 18, 2012
4.		26,829		July 19, 2012
5.		26,829		July 20, 2012
6.		26,829		July 23, 2012
7.		26,829		July 24, 2012
8.		26,829		July 25, 2012
9.		26,829		July 26, 2012
10.		26,829		July 27, 2012
11.		26,829		July 30, 2012
12.		26,829		July 31, 2012
13.		26,829		August 1, 2012
14.		26,829		August 2, 2012
15.		26,829		August 3, 2012
16.		26,829		August 6, 2012
17.		26,829		August 7, 2012
18.		26,829		August 8, 2012
19.		26,829		August 9, 2012
20.		26,829		August 10, 2012
21.		26,829		August 13, 2012
22.		26,829		August 14, 2012
23.		26,829		August 15, 2012
24.		26,829		August 16, 2012
25.		26,829		August 17, 2012
26.		26,829		August 20, 2012
27.		26,829		August 21, 2012
28.		26,829		August 22, 2012
29.		26,829		August 23, 2012
30.		26,829		August 24, 2012
31.		26,829		August 27, 2012
32.		26,829		August 28, 2012
33.		26,829		August 29, 2012
34.		26,829		August 30, 2012
35.		26,829		August 31, 2012
36.		26,829		September 4, 2012
37.		26,829		September 5, 2012
38.		26,829		September 6, 2012
39.		26,829		September 7, 2012
40.		26,829		September 10, 2012
41.		26,829		September 11, 2012
42.		26,829		September 12, 2012
43.		26,829		September 13, 2012
44.		26,829		September 14, 2012
45.		26,829		September 17, 2012
46.		26,829		September 18, 2012
47.		26,829		September 19, 2012
48.		26,829		September 20, 2012
49.		26,829		September 21, 2012
50.		26,829		September 24, 2012

Component Number		Number of Warrants		Expiration Date
51.		26,829		September 25, 2012
52.		26,829		September 26, 2012
53.		26,829		September 27, 2012
54.		26,829		September 28, 2012
55.		26,829		October 1, 2012
56.		26,829		October 2, 2012
57.		26,829		October 3, 2012
58.		26,829		October 4, 2012
59.		26,829		October 5, 2012
60.		26,829		October 8, 2012
61.		26,829		October 9, 2012
62.		26,829		October 10, 2012
63.		26,829		October 11, 2012
64.		26,829		October 12, 2012
65.		26,829		October 15, 2012
66.		26,829		October 16, 2012
67.		26,829		October 17, 2012
68.		26,829		October 18, 2012
69.		26,829		October 19, 2012
70.		26,829		October 22, 2012
71.		26,829		October 23, 2012
72.		26,829		October 24, 2012
73.		26,829		October 25, 2012
74.		26,829		October 26, 2012
75.		26,829		October 29, 2012
76.		26,829		October 30, 2012
77.		26,829		October 31, 2012
78.		26,829		November 1, 2012
79.		26,829		November 2, 2012
80.		26,829		November 5, 2012
81.		26,829		November 6, 2012
82.		26,829		November 7, 2012
83.		26,829		November 8, 2012
84.		26,829		November 9, 2012
85.		26,829		November 12, 2012
86.		26,829		November 13, 2012
87.		26,829		November 14, 2012
88.		26,829		November 15, 2012
89.		26,829		November 16, 2012
90.		26,829		November 19, 2012
91.		26,829		November 20, 2012
92.		26,829		November 21, 2012
93.		26,829		November 23, 2012
94.		26,829		November 26, 2012
95.		26,829		November 27, 2012
96.		26,829		November 28, 2012
97.		26,829		November 29, 2012
98.		26,829		November 30, 2012
99.		26,829		December 3, 2012
100.		26,829		December 4, 2012
101.		26,829		December 5, 2012
102.		26,829		December 6, 2012
103.		26,829		December 7, 2012

Component Number		Number of Warrants		Expiration Date
104.		26,829		December 10, 2012
105.		26,829		December 11, 2012
106.		26,829		December 12, 2012
107.		26,829		December 13, 2012
108.		26,829		December 14, 2012
109.		26,829		December 17, 2012
110.		26,829		December 18, 2012
111.		26,829		December 19, 2012
112.		26,829		December 20, 2012
113.		26,829		December 21, 2012
114.		26,829		December 24, 2012
115.		26,829		December 26, 2012
116.		26,829		December 27, 2012
117.		26,829		December 28, 2012
118.		26,829		December 31, 2012
119.		26,829		January 2, 2013
120.		26,862		January 3, 2013

          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 or in the Master Confirmation and immediately returning an executed copy to EDG Confirmation Group, J.P. Morgan Securities Inc., 277 Park Avenue, 11th Floor, New York, NY 10172-3401, or by fax to (212)  ###-###-####.