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CIT to sell home lending business for $1.5 billion (Reuters via Yahoo! News) |
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Written by Webmaster
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Thursday, 03 July 2008 |
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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 dumps home-loan business (The Star-Ledger)
Now that CIT Group has sold its subprime home-loan business, the commercial lender might next try to sell its railroad leasing business, which provides financing for rail cars, analysts said yesterday.
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Last Updated ( Thursday, 03 July 2008 )
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