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Company: CIT Group Inc (CIT)
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61%
agree
196 votes

  Asset sales may bring investor interest back

In an effort to raise cash, CIT Group said that it has reached separate agreements to sell its home-lending business and manufactured-housing business for a total $1.8 billion. “These sales complete our exit from all home-lending business, removing the uncertainty surrounding this asset class and advances our strategic transformation into a company focused entirely on commercial finance,” said CEO Jeffery Peek.

The commercial-finance company will sell its home-lending business to hedge fund Lone Star for $1.5 billion and its $470 million anufactured housing portfolio to Vanderbilt Mortgage & Finance (a Berkshire Hathaway (BRK.B) company) for $300 million.

Lone Star also agreed to assume $4.4 billion of debt and other liabilities in the sale, expected to close this month.

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2%
agree
42 votes

  BIG BULL

If the Government will help out the BIG autos why not CIT? They will not let them fall. I think it will sky rocket!!!

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2%
agree
43 votes

  dropping 75% gives hope to a new rise

the next step would be bankruptcy, which can usually be steered clear of for the short term if the execs take some fast risks.

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