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CIT Group Sells Off its Last Home Related Business Interests
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Posted on
Jul 02 2008 6:07 AM
by
adeal
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CIT Group announced on Monday that it was selling both its home lending business and its manufactured-housing division. The lending business which has total assets of $9.3 billion as well as servicing operations will go to Lone Star Funds for $1.5 billion. In addition, Lone Star will assume $4.4 billion in CIT Group debt. Vanderbilt Mortgage & Finance, Inc. will acquire CIT's manufactured housing portfolio for about $300 million.
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