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CIT Group Sells Off its Last Home Related Business Interests

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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.

CIT has sold more than $2 billion in assets since the start of April and also secured $3 billion long-term financing from Goldman Sachs.

The company said it expects to report a $2.5 billion pretax loss for the home lending business in the second quarter.

"These sales complete our exit from all home lending businesses, removing the uncertainty surrounding this asset class, and advances our strategic transformation into a company focused entirely on commercial finance," said Jeffrey Peek, chairman and CEO.

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