Here’s why the FHFA is not a fan of principal reduction

Before you judge Dodd-Frank...

Urban Institute: "Can we really calculate the cost?"

Goldman Sachs: When will our kids move out?

Nearly half of California millennials still with parents
W S
Lending / The Ticker

CIT Group posts hefty profit

Earnings soar amid lower interest payments

coins stacked
/ Print / Reprints /
| Share More
/ Text Size+

CIT Group (CIT) reported a solid quarterly profit, benefiting from lower interest payments on its long-term debt. 

Interest payments on the lender's long-term debt fell 70% to $233.8 million in the third quarter, Reuters reported. 

The New York-based lender has been refinancing its long-term debt, helping the company reduce its interest burden and improve its earnings. The company has $21.39 billion in long-term debt.

CIT reported net income of $199.6 million, or 99 cents per share, for the quarter ended Sept. 30, compared with a loss of $299.2 million, or $1.49 per share, a year earlier.
 

Source: Reuters
Read full story

Recent Articles by HousingWire Staff

Comments powered by Disqus