And every year or two, someone comes along and picks up the bank and shakes it all around.    HFS, PHH, CUC, Cendant, Realogy, (who knows what next, Apollo?) is being bought again.

 As Glenn Roberts, Jr, writer for Inman News, says about the history of this firm:    This story is packed with elements of mystery and intrigue, twists and turns, massive-scale acquisitions and consolidations, deception and scandal, courtroom drama, financial fallout and recovery, a restructuring of management, a rapid rise to power and prominence, and a carefully calculated breakup and re-branding. The cast is thick with power brokers and industry luminaries.”

For Glenn’s story, go to: Cendant/Realogy Real Estate Adventure (may need membership to Inman). md

NEW YORK(MarketWatch) — Ratings firm Standard & Poor’s has lowered its corporate credit rating on Realogy Corp. (H) to below investment grade on news that buyout firm Apollo Management is poised to acquire the real-estate services firm for $6.6 billion…read the rest here: S&P downgrades Realogy on buyout announcement