Report: CIT Gets $3 Billion

CIT Group, a commercial lender that finances about one million businesses, has received $3 billion in rescue financing from a bondholder group in a tentative deal, reports Reuters. The bondholder group will provide financing for two and half years, following the U.S. government's rejection of a second bailout for CIT. The deal will most likely be announced Monday and is part of a larger restructuring plan to save the company, which has suffered big losses from home mortgages and student loans. CIT has about $76 billion in assets and, if it folded, would be the largest bank failure since Washington Mutual in September.