CIT Declares Dividend of 10c; Announces Completion of Home Lending Sale
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CIT Group (NYSE: CIT) announced that its Board declared a regular quarterly cash dividend of $0.10 per share on its outstanding common stock. The common stock dividend is payable on August 29, 2008 to shareholders of record on August 15, 2008.
CIT also announced that it completed the sale of its Home Lending assets on July 8 and has received substantially all of the $1.8 billion of cash proceeds. The servicing operation and final cash payment remain on schedule to close in the first quarter of 2009. On July 1, 2008, CIT announced its agreement to sell its Home Lending business, consisting of $9.3 billion in assets and related servicing operations, to Lone Star Funds for $1.5 billion in cash and the assumption of $4.4 billion of outstanding debt and other related liabilities, as well its approximately $470 million manufactured housing portfolio to Vanderbilt Mortgage and Finance, Inc. for approximately $300 million.
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