CIT Group said yesterday its second-quarter earnings fell to $48.1 million, or 12 cents a share, from $352.1 million, or $1.76 a share, largely because of losses related to the sale of its home lending business.

As part of its internal restructuring, the New York-based commercial finance company has abandoned the mortgage finance business. In early July, CIT closed on the sale of its home lending business and manufactured housing portfolio.

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