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Finance company's latest effort to shore up capital leads to exiting its home mortgage business and selling its $470 million manufactured housing portfolio at a loss.

CIT Agrees to Sell Home Lending Business (Business Wire via Yahoo! Finance)
NEW YORK----CIT Group Inc. , a leading global commercial finance company, announced today that it has agreed to sell its Home Lending business, consisting of $9.3 billion in assets and related servicing operations, to Lone Star Funds for $1.5 billion in cash and the assumption of $4.4 billion of outstanding debt and other related liabilities.

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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