CIT Group Inc., New York, has announced an approximately $300 million expected increase in its reserves for credit losses in the fourth quarter, chiefly related to the company's held-for-investment home lending portfolio. The action is expected to reduce net income by approximately $190 million, the company said. CIT also announced that it expects to record an approximately $40 million pretax loss on home lending receivables held for sale as of Sept. 30. The company can be found online at http://www.cit.com.
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