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Home Capital Slide Deepens as Rival Seeks to Avoid Contagion

By Tony Seruga

Canadian mortgage lender could see investors yank GICs
Regulator, Canada’s finance minister are monitoring situation

Home Capital Group Inc. extended declines after the Canadian mortgage lender reported additional deposit withdrawals, prompting one of its biggest rivals to seek a C$2 billion ($1.5 billion) credit line to stem any contagion across the country’s financial markets.

Home Capital fell 13 percent to C$6.96 in Toronto, bringing its two-week drop to about 69 percent, on concern that redemptions of guaranteed investment certificates by nervous investors would worsen a cash crunch. High-interest deposits have declined about C$1.6 billion, or 80 percent, over the past month to C$391 million, the companysaid Monday…

Home Capital Slide Deepens as Rival Seeks to Avoid Contagion

Categories : Finance, Real Estate

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