More info...
NEW YORK - Commercial finance firm CIT Group says it will sell its home lending business to Lone Star Funds for $1.5 billion in cash plus $4.4 billion of assumed debt.

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.

CIT sells home lending business (CNN Money)
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.

Home Business

Share Your Opinion. (0 posts)

Tag it:

?