CIT Group to sell home lending business for $1.5 billion
Commercial finance firm CIT Group is selling its home lending business to Lone Star Funds for $1.5 billion, reducing its exposure to a line of business hurt by the soured housing market, the company said this morning.
CIT Group, one of the largest small-business lenders in the United States, filed for bankruptcy Sunday with its board approving a ``prepackaged'' restructuring plan to shed 10 billion dollars in debt.