CIT Group Inc. As a result of the sale, this business will now recorded as a discontinued operation, the company said. CIT Group, which has reported four consecutive quarterly losses, said Tuesday it will sell its home-lending businesses to Lone Star Funds for $1,5 billion in cash and the assumption of $4,4 billion in debt. The company said it was also selling its manufactured housing portfolio valued at about $470 million to Vanderbilt Mortgage and Finance Inc for about $300 million.

5 billion, plus the assumption of $4,4 billion in debt and other related liabilities. CIT forecast a pretax loss of $2,5 billion from Home Lending in the second quarter. The company said its home lending operations consist of $9,3 billion in assets and related servicing operations. Net cash proceeds from the two transactions are expected to be approximately $1,8 billion, the company said.

said on Tuesday it has agreed to sell its home lending operations to Lone Star Funds for $1. In a separate transaction, CIT agreed to sell its approximately $470 million manufactured housing portfolio to Vanderbilt Mortgage and Finance, Inc. CIT said it expects to complete the sale of the portfolios in July. for approximately $300 million.

The company said it expects to record an estimated pretax loss for its home lending business of about $2,5 billion. These sales complete our exit from all home lending businesses, removing the uncertainty surrounding this asset class, and advances our strategic transformation into a company focused entirely on commercial finance, said Jeffrey Peek, chairman and CEO of CIT. CIT Group (nyse: CIT - news - people ) said it expects net cash proceeds from the two disposals to be in the region of $1,8 billion.

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