CIT Ceases Student Loan Originations.Servicing Platform Unaffected NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- CIT n. 1. A citizen; an inhabitant of a city; a pert townsman; - used contemptuously. Which past endurance sting the tender cit. - Emerson. Group Inc. (NYSE NYSE See: New York Stock Exchange : CIT) today announced that it would stop originating all government guaranteed student loans effective immediately. This step follows the Company's decision in late 2007 to stop originating private student loans. CIT's servicing platform will remain unaffected. This decision enables the Company to concentrate on its core commercial finance franchises while operating a more focused organization. CIT will retain and continue to service its existing $11.6 billion student loan portfolio, 95% of which is composed of loans that carry a 97% federal government guarantee against default. CIT will record a pretax charge of approximately $20 million for severance and other closing costs Closing Costs The numerous expenses (over and above the price of the property) that buyers and sellers normally incur to complete a real estate transaction. Costs incurred include loan origination fee, discount points, appraisal fee, title search, title insurance, survey, taxes, , of which approximately $15 million will be recognized in the second quarter. Individuals interested in receiving future updates on CIT via e-mail can register at http://newsalerts.cit.com. About CIT CIT (NYSE: CIT) is a global commercial finance company that provides financial products and advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal to more than one million customers in over 50 countries across 30 industries. A leader in middle market financing, CIT has more than $80 billion in managed assets and provides financial solutions for more than half of the Fortune 1000. A member of the S&P 500 and Fortune 500, it maintains leading positions in asset-based, cash flow and Small Business Administration lending, equipment leasing, vendor financing Vendor Financing The lending of money by a company to one of its customers so that the customer can buy products from it. By doing this, the company increases its sales even though it is basically buying its own products. and factoring. The CIT brand platform, Capital Redefined, articulates its value proposition of providing its customers with the relationship, intellectual and financial capital to yield infinite possibilities. Founded in 1908, CIT is celebrating its Centennial throughout 2008. www.cit.com |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion