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CIT Group sells home lending business (ShareCast via Yahoo! UK & Ireland Finance) |
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Written by Webmaster
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Wednesday, 02 July 2008 |
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Middle-market US finance company CIT Group is to offload its loss-making home lending business and manufactured housing portfolio to concentrate on commercial finance.
Home Business CIT to sell home lending business for $1.5 billion (Reuters via Yahoo! News)
Commercial lender CIT Group Inc agreed to sell its home lending business to private equity firm Lone Star Funds for $1.5 billion in cash to increase liquidity, and will take a related second-quarter charge of $2 billion.
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Last Updated ( Wednesday, 02 July 2008 )
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