Peek pointed out that the sale represents several benefits for CIT. Perhaps the most important is the fact that it allows the company to dispose of a liquidating portfolio and will allow it to focus on its more profitable core business of commercial finance franchises. In addition, the infusion of nearly $2 billion in cash from the two transactions is expected to improve the company's liquidity position and gives CIT more financial flexibility.

The company is expected to record a loss in the current quarter of approximately $2.5 billion. The sale itself represents an approximate total loss of $2 billion, according to CIT's vice chairman and CFO, Joseph Leone, who also spoke during the conference call.

"The CIT board, senior management and I all agreed that the action we're taking today is clearly in the best interest of all CIT stakeholders," Peek concluded. "While one never likes to recognize a loss on the sale of a business, we are pleased we were able to execute a deal of this magnitude and nature in the current challenging environment."

CIT, which is headquartered in Livingston, operates one of its two home lending servicing centers in Marlton, NJ. The Marlton center and the second center--in Oklahoma City, OK--together employ approximately 300 people. Peek did not mention whether or not the workers would stay with the servicing centers, and calls to CIT seeking further comment were not returned as of deadline. Lone Star declined to comment on the transaction or its future plans for the business.