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04

Home Capital Slides as Investors Sound Contagion Warnings

By Tony Seruga

Lender accused of failing to properly disclose internal probe
Home Capital and some former executives face fines, bans

Home Capital Group Inc.’s decline deepened as regulators began what is expected to be a lengthy series of hearings into allegations the company misled investors about its mortgage book, raising concerns about wider contagion to Canada’s red-hot housing market.

The hearing in Toronto Thursday was the first step in an inquiry into accusations made by the Ontario Securities Commission that Home Capital failed to properly disclose an internal probe into fraudulent mortgage applications. Home Capital has said the allegations are without merit and will be vigorously defended. The commission set a date of June 2 for the next hearing…

Home Capital Slides as Investors Sound Contagion Warnings

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