CNNMoney (07/01/08); Tibken, Shara; Barris, Mike
In an effort to generate cash and complete a shift to commercial finance, CIT Group Inc. has sold its manufactured housing portfolio as well as its mortgage business for a total of $1.8 billion. Vanderbilt Mortgage and Finance Inc. will acquire CIT's manufactured housing assets, valued at $470 million, for $300 million. Meanwhile, the hedge fund Lone Star will snap up its mortgage business for $1.5 billion.
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