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Second Cockroach: Canadian Mortgage Lender Crashes After Admitting Mortgage Fraud
Second Cockroach: Canadian Mortgage Lender Crashes After Admitting Mortgage Fraud Back in April/May, Canada’s biggest mortgage lender, Home Capital Group, crashed its way into the headlines, coming clean over its balance sheet-full of liar loans, suffered a bank run, and was forced to take emergency liquidty from taxpaying pensioners, and was eventually bailed out by […]
“Canada Hasn’t Seen A Bank Run Such As This In Decades” – Finance Minister Says Home Capital Bailout Is Possible
“Canada Hasn’t Seen A Bank Run Such As This In Decades” – Finance Minister Says Home Capital Bailout Is Possible When we first said three weeks ago that the spectacular, sudden implosion of Canada’s largest alt-lender Home Capital Group or HCG – whose fate we had followed closely since 2015 – was Canada’s own “New […]
The Toronto Housing Market Is About To Collapse By This Measure
The Toronto Housing Market Is About To Collapse By This Measure With the collapse of Home Capital Group focusing the world’s attention on the Canadian real estate market, nowhere is the subprime debt time bomb more likely to go off than Toronto, which as we recently noted “has gone nuts.” Even Bank of Canada Governor […]
Contagion: Home Capital Bank Run Spreads To Another Canadian Mortgage Lender
Contagion: Home Capital Bank Run Spreads To Another Canadian Mortgage Lender As discussed first thing this morning, the fate of Canada’s largest alternative mortgage lender, Home Capital Group, appears to have been decided over the weekend, when in the span of just one week, over 70% of the company’s deposit base had been withdrawn, effectively […]
This Is What A Bank Run Looks Like: Home Capital Loses 70% Of Deposits In One Week
This Is What A Bank Run Looks Like: Home Capital Loses 70% Of Deposits In One Week In the beginning it was a slow pace, then it became a casual jog. Then, starting early last week, the jog morphed into a full-blown run, and – as of the past 3 days – the withdrawal of […]
Panic Bank Run Leaves Canada’s Largest Alternative Mortgage Lender On Edge Of Collapse
Panic Bank Run Leaves Canada’s Largest Alternative Mortgage Lender On Edge Of Collapse After two years of recurring warnings (both on this website and elsewhere) that Canada’s largest alternative (i.e., non-bank) mortgage lender is fundamentally insolvent, kept alive only courtesy of the Canadian housing bubble which until last week had managed to lift all boats, […]
Canada’s Housing Bubble Explodes As Its Biggest Mortgage Lender Crashes Most In History
Canada’s Housing Bubble Explodes As Its Biggest Mortgage Lender Crashes Most In History Call it Canada’s “New Century” moment. We first introduced readers to the company we said was the “tip of the iceberg in Canada’s magnificent housing bubble” nearly two years ago, in July 2015 when we exposed a major problem that we predicted […]
Liar Loans Pop up in Canada’s Magnificent Housing Bubble
Liar Loans Pop up in Canada’s Magnificent Housing Bubble For a long time, the conservative mortgage lending standards in Canada, including a slew of new ones since 2008, have been touted as one of the reasons why Canada’s magnificent housing bubble, when it implodes, will not take down the financial system, unlike the US housing […]
Largest “Alternative” Mortgage Lender in Canada Plunges, Denies “Systemic Problem” in Housing Market
Largest “Alternative” Mortgage Lender in Canada Plunges, Denies “Systemic Problem” in Housing Market Home Capital Group, Canada’s largest non-bank mortgage lender, focuses on “alternative” mortgages, as they’re called euphemistically, that is high-profit mortgages to risky borrowers with dented credit or unreliable incomes, such as self-employed folks or new immigrants, who don’t qualify for mortgage insurance […]
