TIMELINE: CIT's troubles deepen over past two years

July 15 - CIT CIT.N, a major lender to small- and mid-sized U.S. businesses, said on Wednesday that bailout talks with the government had ended, a development that heightened the chances the company would file for bankruptcy.

Following are some important events in the company's slide into trouble in the past two years:

July 18, 2007 - CIT said it was exiting the mortgage business, including sub-prime home lending, and posted a surprise second-quarter loss. Its shares slide more than 10 percent to $49.17 (30 pounds).

Sept 19, 2007 - Says it plans to sell up to $4.2 billion (2.56 billion pounds) of mortgage-backed securities to Freddie Mac and borrows $2 billion from Morgan Stanley against the expected proceeds as it seeks to shore up financing.

March 20, 2008 - Draws down $7.3 billion of bank lines to help fund daily operations, and its shares plunge 17.3 percent to $9.63. A few days earlier, its long- and short-term credit ratings were cut.

April 17, 2008 - CIT slashes its dividend by 60 percent as it reports another quarterly loss and further asset sales.

June 9, 2008 - It secures $3 billion of financing from Goldman Sachs (GS.N).

July 17, 2008 - CIT posts a $2.1 billion quarterly loss, but says it can meet its cash needs through the end of 2009.

Sept 29, 2008 - CIT renews about $6 billion in bank financing. Eleven days earlier Wells Fargo Bank (WFC.N) agreed on a $500 million credit facility for CIT.