Another lender decided to quit the home loan business all together, thus taking away another source of subprime funding.
“This is going to be a multiyear problem and not just for us but for the industry,” Jeffrey Peek, CEO of CIT Group Inc., said on a conference call last month. CIT decided to quit the home-loan business, which accounts for about 10 percent of its income, after losses rose more than expected. The unit focused on subprime borrowers.
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The Subprime Mortgage Crisis Before, During, and After
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