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23

In Home Capital’s Mortgage Mess, Blame the ‘Unlucky’ Brokers

By Tony Seruga

Home Capital’s troubles started with “unlucky” brokers. That’s what Canadian banks and insurers call the mortgage merchants who get caught submitting fraudulent loan documents.

Home Capital Group Inc. disclosed that 45 independent brokers submittedloan applications that misstated borrowers’ income and other details. A securities regulator accused the company of misleading investors about the fraud, and that sparked a run on deposits at the lender. Yet the brokers, whose names are now on databases maintained by lenders and mortgage insurers, can still win business since they haven’t been pros…

In Home Capital’s Mortgage Mess, Blame the ‘Unlucky’ Brokers

Categories : Finance, Real Estate

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