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Finance company's latest effort to shore up capital leads to exiting its home mortgage business and selling its $470 million manufactured housing portfolio at a loss.

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CIT Group to sell home lending business for $1.5 billion cash, manufactured housing for $300M (Minneapolis-St. Paul Star Tribune)
NEW YORK - Commercial finance firm CIT Group says it will sell its home lending business to Lone Star Funds for $1.5 billion in cash plus $4.4 billion of assumed debt.

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