19.96%SPY 79.52 
5.39%XLF 9.68 3.09%
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NEW YORK - Commercial lender CIT Group Inc. Monday said it had renewed $6 billion in borrowing facilities that were scheduled to expire this quarter.
| CIT | 1.83 |  -0.03 |
It had previously announced the renewal of a $2 billion conduit facility to finance equipment loans and leases. In addition, it renewed $4 billion of facilities used to finance students loans, a portfolio it is liquidating.
"The renewal of these conduit facilities is further evidence of CIT's success in strengthening liquidity to support its businesses," the company said in a statement.
Like many U.S. financial companies, CIT saw its stock hammered Monday as the drama of the credit crunch continued. The shares fell $1.79, or 22 percent, to $6.45 in afternoon trading.
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