Exhibit (21)



                           Subsidiaries of Registrant


PHH  Corporation  owns 100% of PHH  Holdings  Corporation.  All other  companies
(except those formed under Ontario or Canadian federal law, which are owned 100%
directly by PHH Corporation) are owned 100% either directly or indirectly by PHH
Holdings Corporation (a Maryland corporation).



 
     PHH Vehicle Management Services Corporation (a Maryland corporation)
     PHH Vehicle Management Services Inc. (a Canadian corporation)
     PHH Vehicle Management Services PLC (a United Kingdom corporation)
     PHH Vehicle Management Services (Deutschland) Corporation (a Maryland corporation)
     PHH Real Estate Services Corporation (a Delaware corporation)
     PHH Real Estate Services Inc. (an Ontario corporation)
     PHH Relocation PLC (a United Kingdom corporation)
     PHH Fantus Corporation (a Maryland corporation)
     PHH Mortgage Services Corporation (a New Jersey corporation)
     PHH Europe PLC (a United Kingdom corporation)




The names of 20  consolidated  multiple  subsidiaries  wholly owned  directly or
indirectly by the registrant have been omitted. All such subsidiaries operate in
the United States and all are engaged in providing financing for clients' leased
vehicle  and truck  fleets.  Other  particular  subsidiaries  have been  omitted
because in the aggregate they would not constitute a significant subsidiary.

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