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Mortgage Broker News | 24 Aug 2016, 11:52 AM Agree 0
One of the channel’s leading lenders has responded to a claim that it sold non-performing loans to a third party in a bid to improve its balance sheet
  • Raj | 24 Aug 2016, 12:18 PM Agree 0
    Bears for their own vested interests are trying to undermine Home Trust.
  • Anthony C. | 24 Aug 2016, 12:22 PM Agree 0
    lemme guess...Seeking Alpha and/or its acquaintances are short on HCG.
  • Tony Colalillo | 24 Aug 2016, 12:34 PM Agree 0
    The "Friendly Bear' is not very friendly at all when it comes to publishing reports like this. The person who wrote the report wants to hid behind a rather obvious pseudonym to protect him/her from potential lawsuits. The 'bear' implies that this the publisher may be in cahoots with other 'short side' traders in an attempt to start a bear raid on Home Trust's stock. Anyone in the financial services industry in Canada knows about our privacy laws and how stringent they are.
    To quote the report: “For background, our research involved sending investigators to Canada to dig up public documents that can only be retrieved physically from Canadian government offices.”
    Yeah, sure, because when you go to Canadian government offices they open the information archives to anyone who asks, especially American 'sleuths' who are looking to inform 'inquiring people who want to know'. The 'Seeking Alpha' website used to be a decent website to find investment information, but now its turned into nothing more than a tabloid on the net.
  • michael | 24 Aug 2016, 12:39 PM Agree 0
    can anybody say, "the big short"? What does that say about our accounting practices when financial institutions can just offload their pile of shitty loans on somebody else? I doubt the Lenders that wrote those loans have any repercussions because they are off the books. Practices like this are exactly how our banking system gets eroded and won't change until regulators make some tougher regualtions. Regulators are just as responsible as home trust because they have the "fox guarding the henhouse" mentality by letting f\i's self regulate. I say, your a regulator, then regulate, your not here to pacify the industry by looking the other way.....
  • Ron Butler | 24 Aug 2016, 01:30 PM Agree 0
    The practice of selling off defaulting mortgages to third parties is a very old (decades) very legal (read the mortgage contract) and very much a frequently exercised right of any mortgage holder whether it is Home Trust or any private lender. We have sold off our own mortgages to third parties and in all cases we sold them to companies and individuals associated with law firms who had the expertise to execute POS actions and spare that expense to ourselves and our investors. It is a well established system that works, that is legal and helps holders of defaulted mortgages in their ongoing operations.
  • David O'Gorman | 24 Aug 2016, 02:29 PM Agree 0
    You hit the nail on the head Anthony.
    The buyers of these types of mortgages/portfolios are not vestal virgins having less than prime mortgages foisted on them. The buyers are the financial equivalent of junkyard pickers, buying mortgages with issues, at a discount.

    I read awhile ago that when Home bought CFF Bank very large % of the CFF mortgage portfolio was was on Alberta properties & we know how that story is playing out. In the days of Gerry Solway I would have said only a fool would bet against HT.
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