6:29AM CIT Group files Form 10-Q for period ending June 30, 2007; says plans to exit home lending business (CIT) 34.38 : Aue Aug 7, 2007 6:43AM
Co announces it has filed its Form 10-Q for the period ending June 30, 2007 with the SEC.
The co plans to exit the home lending business in an orderly fashion and has taken steps to substantially reduce loan originations.
While there have been a number of inquiries from possible buyers, the co recognizes that there is decreased secondary market liquidity for home lending portfolios.
It plans to liquidate or exit the business through one or more transactions over time on economically sound terms and conditions.
The Company's historical home lending credit indicators, i.e. delinquency and foreclosure rates, have consistently outperformed overall subprime industry metrics according to industry data published through June 30, 2007