CONFIRMATION Date: March 27, 2008 To: PHH Corporation (Issuer) Facsimile: (856) 917-4278 Attention: Treasurer From: Wachovia Bank, National Association (Dealer) Facsimile: 212 ###-###-#### Transaction Reference Number:

Exhibit 10.9

CONFIRMATION

Date:		March 27, 2008
To:		PHH Corporation (“Issuer”)
Facsimile:		(856) 917-4278
Attention:		Treasurer
From:		Wachovia Bank, National Association (“Dealer”)
Facsimile:		212 ###-###-####
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 Wachovia Bank, National Association, acting through the agency of Wachovia Capital Markets, LLC (the “Agent”), 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 8,354,400.14
Premium Payment Date:		The Effective Date.
Maximum Delivery Amount:		4,328,000 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.		35,772		July 16, 2012
2.		35,772		July 17, 2012
3.		35,772		July 18, 2012
4.		35,772		July 19, 2012
5.		35,772		July 20, 2012
6.		35,772		July 23, 2012
7.		35,772		July 24, 2012
8.		35,772		July 25, 2012
9.		35,772		July 26, 2012
10.		35,772		July 27, 2012
11.		35,772		July 30, 2012
12.		35,772		July 31, 2012
13.		35,772		August 1, 2012
14.		35,772		August 2, 2012
15.		35,772		August 3, 2012
16.		35,772		August 6, 2012
17.		35,772		August 7, 2012
18.		35,772		August 8, 2012
19.		35,772		August 9, 2012
20.		35,772		August 10, 2012
21.		35,772		August 13, 2012
22.		35,772		August 14, 2012
23.		35,772		August 15, 2012
24.		35,772		August 16, 2012
25.		35,772		August 17, 2012
26.		35,772		August 20, 2012
27.		35,772		August 21, 2012
28.		35,772		August 22, 2012
29.		35,772		August 23, 2012
30.		35,772		August 24, 2012
31.		35,772		August 27, 2012
32.		35,772		August 28, 2012
33.		35,772		August 29, 2012
34.		35,772		August 30, 2012
35.		35,772		August 31, 2012
36.		35,772		September 4, 2012
37.		35,772		September 5, 2012
38.		35,772		September 6, 2012
39.		35,772		September 7, 2012
40.		35,772		September 10, 2012
41.		35,772		September 11, 2012
42.		35,772		September 12, 2012
43.		35,772		September 13, 2012
44.		35,772		September 14, 2012
45.		35,772		September 17, 2012
46.		35,772		September 18, 2012
47.		35,772		September 19, 2012
48.		35,772		September 20, 2012
49.		35,772		September 21, 2012
50.		35,772		September 24, 2012

Component Number		Number of Warrants		Expiration Date
51.		35,772		September 25, 2012
52.		35,772		September 26, 2012
53.		35,772		September 27, 2012
54.		35,772		September 28, 2012
55.		35,772		October 1, 2012
56.		35,772		October 2, 2012
57.		35,772		October 3, 2012
58.		35,772		October 4, 2012
59.		35,772		October 5, 2012
60.		35,772		October 8, 2012
61.		35,772		October 9, 2012
62.		35,772		October 10, 2012
63.		35,772		October 11, 2012
64.		35,772		October 12, 2012
65.		35,772		October 15, 2012
66.		35,772		October 16, 2012
67.		35,772		October 17, 2012
68.		35,772		October 18, 2012
69.		35,772		October 19, 2012
70.		35,772		October 22, 2012
71.		35,772		October 23, 2012
72.		35,772		October 24, 2012
73.		35,772		October 25, 2012
74.		35,772		October 26, 2012
75.		35,772		October 29, 2012
76.		35,772		October 30, 2012
77.		35,772		October 31, 2012
78.		35,772		November 1, 2012
79.		35,772		November 2, 2012
80.		35,772		November 5, 2012
81.		35,772		November 6, 2012
82.		35,772		November 7, 2012
83.		35,772		November 8, 2012
84.		35,772		November 9, 2012
85.		35,772		November 12, 2012
86.		35,772		November 13, 2012
87.		35,772		November 14, 2012
88.		35,772		November 15, 2012
89.		35,772		November 16, 2012
90.		35,772		November 19, 2012
91.		35,772		November 20, 2012
92.		35,772		November 21, 2012
93.		35,772		November 23, 2012
94.		35,772		November 26, 2012
95.		35,772		November 27, 2012
96.		35,772		November 28, 2012
97.		35,772		November 29, 2012
98.		35,772		November 30, 2012
99.		35,772		December 3, 2012
100.		35,772		December 4, 2012
101.		35,772		December 5, 2012
102.		35,772		December 6, 2012
103.		35,772		December 7, 2012

Component Number		Number of Warrants		Expiration Date
104.		35,772		December 10, 2012
105.		35,772		December 11, 2012
106.		35,772		December 12, 2012
107.		35,772		December 13, 2012
108.		35,772		December 14, 2012
109.		35,772		December 17, 2012
110.		35,772		December 18, 2012
111.		35,772		December 19, 2012
112.		35,772		December 20, 2012
113.		35,772		December 21, 2012
114.		35,772		December 24, 2012
115.		35,772		December 26, 2012
116.		35,772		December 27, 2012
117.		35,772		December 28, 2012
118.		35,772		December 31, 2012
119.		35,772		January 2, 2013
120.		35,816		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 by facsimile at ###-###-#### (Attention: Equity Division Documentation Unit, by telephone contact ###-###-####).

Yours sincerely,

WACHOVIA CAPITAL MARKETS, LLC,						WACHOVIA BANK, NATIONAL ASSOCIATION
acting solely in its capacity as Agent of Wachovia Bank, National Association						By:	Wachovia Capital Markets, LLC, acting solely in its capacity as its Agent
By:	/s/ Mary Lou Guttmann					By:	/s/ Mary Lou Guttmann
	Name:	Mary Lou Guttman					Name:	Mary Lou Guttman
	Title:	Senior Vice President					Title:	Senior Vice President

Confirmed as of the date first above written:

PHH CORPORATION