CIT Plans to Exit Home Lending Business and Update on Funding

Published: August 7, 2007, 6:37 am

Tags: mortgage news, mortgage industry press release, mortgage bubble, subprime implosion, mortgage bubble, mortgage news, cit

CIT Files Form 10-Q For Period Ending June 30, 2007 Provides Disclosures on Operating Fundamentals, Plan to Exit Home Lending Business and Update on Funding Topical Highlights Operating fundamentals outside of home lending are strong Plan to exit home lending business proceeding $3 billion student lending securitization completed in July NEW YORK–(BUSINESS WIRE)–CIT Group Inc. (NYSE: CIT) today announced it has filed its Form 10-Q for the period ending June 30, 2007 with the SEC. This press release summarizes some of the topical content therein. A complete copy of the Form 10-Q is available in the Investor Relations section of the CIT website at www.cit.com. Our franchise businesses continue to perform well in a challenging environment and credit quality remains solid, said Jeffrey M. Peek, Chairman and CEO of CIT. Moreover, the contraction in market liquidity, which has increased our cost of funds, is also bringing us lending opportunities with higher yields

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