Flagstar Bancorp (FBC) in Troy, Mich., is continuing to take steps to reduce risk.

The company said on Wednesday that it sold $1.2 billion in commercial loan commitments in the Northeast to a unit of CIT Group in a deal that closed Dec. 31. CIT Bank paid roughly $779 million for the portfolio, which included $785 million of outstanding loans and largely consisted of asset-based loans, equipment leases and commercial real estate loans, Flagstar said in a press release.

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