Home Capital Wins Mortgages as Canada Banks Retreat
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Home Capital Group Inc. said it’s capturing mortgage business from Canadian lenders including Toronto-Dominion Bank and Canadian Imperial Bank of Commerce that are retreating from the C$200 billion ($201 billion) nonprime market amid signs of a housing downturn.
“The big banks are sort of juggling around their mortgage strategy and as part of that, they’re tightening up in certain areas,” Home Capital President Martin Reid said in an interview. “We’re seeing some of the fallout.”