加拿大华人论坛 多伦多 TorontoCanada's Housing Bubble Explodes As Its Biggest nonbanking Mortgage Lender Crashes Most In History

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Call it Canada's "New Century" moment.We first introduced readers to the company we said was the "tip of the iceberg in Canada's magnificent housing bubble" nearly two years ago, in July 2015 when we exposed a major problem that we predicted would haunt Home Capital Group, Canada's largest non-bank mortgage lender: liar loans in particular, and a generally overzealous lending business model with little regard for fundamentals. In the interim period, many other voices - most prominently noted short-seller Marc Cohodes - would constantly remind traders and investors about the threat posed by HCG.Today, all those warnings came true, when the stock of Home Capital Group cratered by over 60%, its biggest drop on record, after the company disclosed that it struck an emergency liquidity arrangement for a C$2 billion ($1.5 billion) credit line to counter evaporating deposits at terms that will leave the alternative mortgage lender unable to meet financial targets, and worse, may leave it insolvent in very short notice.As part of this inevitable outcome, one which presages the company's eventual disintegration and likely liquidation, Bloomberg reports that the non-binding rescue loan with an unnamed counterparty will be secured by a portfolio of mortgage loans originated by Home Trust, the Toronto-based firm said in a statement Wednesday. Home Capital shares dropped by 61% in Toronto to the lowest since 2003, dragging down other home lenders. Equitable Group Inc. fell 17 percent, Street Capital Group Inc. fell 13 percent, while First National Financial Corp. declined 7.6 percent. In short, the Canadian mortgage bubble has finally burst.Some more details on HCG's emergency source of funding: Home Capital will pay 10% interest on outstanding balances and a non-refundable commitment fee of C$100 million, while standby fee on undrawn funds is 2.5%. The initial draw must be C$1 billion. The loan has an effective - and very much distressed - interest rate of 22.5% on the first C$1 billion, declining to 15% if fully utilized, according to a note from Jaeme Gloyn, an analyst at National Bank of Canada.Home Capital said the credit line is intended to “mitigate” a sharp drop in Home Trust’s high-interest savings account balances, which sank by $591 million from March 28 to April 24, at which point the total balance was $1.4 billion. Home Capital warned on Wednesday that further outflows are anticipated.Translated: what until last night was a depositor bank jog just became a sprint.The loan will provide Home Capital with more than C$3.5 billion in total funding, more than twice the C$1.5 billion in liquid assets it held as at April 24. It also has C$200 million in securities available for sale, and high interest savings account balances fell about 25% to C$1.4 billion over the past month. Home Capital relies on deposits to fund their mortgage loans; following today's announcement the company's liquidity is certain to get even worse as all non-distressed sources of cash are pulled.Cited by Bloomberg, Andrew Torres, founding partner and chief investment officer at Toronto-based Lawrence Park Asset Management said that "The company is facing a bit of a liquidity crunch and they felt they needed to resolve it quickly." He said the "steep" commitment fee and the interest rate on the loan "are surprising numbers for a company that was ostensibly investment-grade."Well, it was only investment grade because as usual the rating agencies never did their homework. For a real hint into the company's rating, look at the 22.5% interest rate, suggesting the company's days outside of bankruptcy are numbered.Home Capital Group's sudden collapse was actually visible from a distance. While in the summer of 2015, the termination of HCG was still debate, in recent months the company’s woes stemmed from allegations by the Ontario Securities Commission that Home Capital misled investors and broke securities laws.In other words engaged in those "liar loans" which we first warned about back in the summer of 2015.Meanwhile, founder Gerald Soloway will step down from the board when a replacement is named and Robert Blowes will assume the role of interim chief financial officer, the company said Monday."The company anticipates that further declines will occur, and that the credit line would also mitigate the impact of those," Home Capital said.Amusingly, it was just two months ago when the company set new performance goals after reporting quarterly results, targeting revenue growth of 5% or greater, diluted earnings-per-share of 7% or greater and a return on equity of 15 percent or more over the long term, according to Bloomberg. It should add one more "performance goal" - stay out of bankruptcy for at least 3 months."They did what appears to be to us a very expensive deal," said David Baskin, president and founder of Baskin Wealth Management in Toronto, a former investor in Home Capital stock. "Basically they blew up the income statement in order to save the balance sheet, which I guess if you’re facing an existential crisis is what you have to do."The Office of the Superintendent of Financial Institutions (OSFI) told Canada's BNN it does not comment on specific institutions it supervises, but that it maintains ongoing relationships with those institutions and is monitoring the Home Capital situation "closely."54,223

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做空的来啦！真的是不消停的春天

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22.5%的利息，这个公司的领导和财务疯了吗！除非贩毒和军火，那里有那么大的利润的业务。

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天涯 说:把鸡毛当令箭点击展开...现在的市场可是承受不起鸡毛的打击吧，风吹草动都有人心慌慌

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盼望市场崩盘的傻空继续做梦去吧

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Crashing Canadian Mortgage Lender Bailed-Out By 321,000 Retired Ontario Healthcare Workersby Tyler DurdenApr 27, 2017 10:51 AM11SHARESTwitterFacebookRedditWith Canada's housing bubble popping amid the collapse of the country's largest mortgage lender, it was no surprise that a bailout had been orchestrated, and now we know the source of the $1.5 billion 'loan' - 321,000 retired healthcare workers in Ontario.As we noted yesterday, the stock of Home Capital Group cratered by over 60%, its biggest drop on record, after the company disclosed that it struck an emergency liquidity arrangement for a C$2 billion ($1.5 billion) credit line to counter evaporating deposits at terms that will leave the alternative mortgage lender unable to meet financial targets, and worse, may leave it insolvent in very short notice.ADVERTISINGAs part of this inevitable outcome, one which presages the company's eventual disintegration and likely liquidation, Bloomberg reported that the non-binding rescue loan with an unnamed counterparty will be secured by a portfolio of mortgage loans originated by Home Trust, the Toronto-based firm said in a statement Wednesday. Home Capital shares dropped by 61% in Toronto to the lowest since 2003, dragging down other home lenders.And now we know the source. As Bloomberg reports, the Healthcare of Ontario Pension Plan (HOOPP) is the lender behind Home Capital Group's C$2 billion loan ($1.5 billion) to shore up liquidity, citing people familiar with the matter.The Toronto-based pension plan is said to have given the struggling Canadian mortgage lender the loan to shore up liquidity as it faces a run on deposits amid a probe by the provincial securities regulator. Home Capital has retained RBC Capital Markets and BMO Capital Markets to advise on “strategic options” after it secured the loan, according to a statement Thursday. Home Capital didn’t identify the lender.HOOPP, which represents more than 321,000 healthcare workers in Ontario, was not immediately available to comment. HOOPP President and Chief Executive Officer Jim Keohane sits on Home Capital’s board and is a shareholder. Home Capital’s external spokesman Boyd Erman declined to comment.The one-year credit line has a 10 percent interest rate on outstanding balances and a 2.5 percent rate on undrawn amounts, the Toronto-based lender said. The finalized agreement follows an announcement early Wednesday that Home Capital had reached a non-binding agreement in principle with an institutional investor for the loan.And in case you are one of the 321,000 retirees who are nervous about your pension managers' actions, don't worry: The loan is secured by a pool of mortgages originated by Home Trust, and as everyone knows, in Canada home prices never go down.

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昨天事件，背后的金主曝光

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M&M 说:盼望市场崩盘的傻空继续做梦去吧点击展开...崩或者不崩确实不是想象出来的，可能也不会崩，只是收集点信息供大家评论，别着急

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biggest mortgage lender huh?not even among the top 10.https://www.canadianmortgagetrends..../06/mortgage-market-share-top-10-lenders.html

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不小心被带到沟里了，不争，只论

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may2may 说:不错的分享。这个还是很有意思的，这个表是2013年的数据。The Big HittersRank Lender Mortgage Book Market Share* 12 Mo Chg1 RBC $198.2 billion 16.96%-14bps2 Scotiabank $187.4 billion 16.04%+265bps3 TD Bank $175.9 billion 15.05%+54bps4 CIBC $146.6 billion 12.55%-82bps5 Desjardins $86.6 billion 7.44%+1bps6 BMO $82.6 billion 7.07%+53bps7 First National $50.6 billion 4.34%+42bps8 National Bank $34.7 billion 2.97%+20bps9 HSBC $18.5 billion 1.59%-20bps10 Home Trust $15.9 billion 1.36%+2bps也看了一下还是这个网站提供的数据，但是2016年Q4的数据，已经完全变天了。1Scotiabank18.5%+170 bps2MCAP / RMG16.0%+510 bps3First National11.2%-240 bps4Street Capital9.1%+110 bps5Home Trust7.7%-60 bps6TD Canada Trust7.0%-70 bps7Merix Financial6.7%-60 bps8Equitable Bank4.9%+70 bps9National Bank3.6%-50 bps10B2B Bank2.4%-200 bps这个home trust 从第10到了第5名。而2017年他们还是继续在前进的。点击展开...前进根卵毛。有人到现在还分不清Mortgage Market Share和Broker Lender Market Share的区别吗？上述链接我再贴一遍。下面就有同期Broker Lender Market Share的排名。Home Trust当时就位列第5。市场份额8.4%。https://www.canadianmortgagetrends..../06/mortgage-market-share-top-10-lenders.html到了16年还是第5，但份额掉到了7.7%。这丫的是前进？https://www.canadianmortgagetrends....17/03/broker-lender-market-share-q4-2016.html你的主贴里可是白纸黑字写的Biggest Mortgage Lender。还在扯什么淡？

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文章是一个金融博客上看到的，可能标题说法不确切，修改了持续关注中：今天消息华尔街金牌沽空者Marc Cohodes从2015年起就开始做空加拿大房地产市场,押注温哥华、多伦多和卡加利的房市存在泡沫,任何因素都可能将泡沫引爆。而他的具体方法就是做空Home Capital Group的股价。

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天涯 说:这又成为地产经纪忽悠人们卖房的好机会呀点击展开...别听他们的，信自己

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may2may 说:文章是一个金融博客上看到的，可能标题说法不确切，修改了持续关注中：今天消息华尔街金牌沽空者Marc Cohodes从2015年起就开始做空加拿大房地产市场,押注温哥华、多伦多和卡加利的房市存在泡沫,任何因素都可能将泡沫引爆。而他的具体方法就是做空Home Capital Group的股价。点击展开...改了都不对。Broker的排名，Home Trust之前的那几位除了斯科舍都是非银行房贷放款人。Y连前3都挤不进妄称什么第一？

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天涯 说:如果加拿大真的有金融机构象美国08年时候的贝尔斯登、雷曼兄弟那样规模的机构出现危机甚至倒闭，那加拿大的房地产确实有很大的可能性完蛋了。这个Home Trust说实在是去年才第一次听说有这么一个贷款机构，这还是象我这样经常接触各种各样的市场信息的人，我也是在做房屋保险时有个客户是从这家机构贷款的，才知道还有这么一个金融机构。感觉Street Capital都比它有名多了。我没有查过它到底资产规模有多大，有没有五大银行任何一家的十分之一大没有。这样的机构不要说仅仅出现存款下跌的问题，就算倒了也不见得对加拿大金融系统和房地产市场会造成什么大的影响。而且要说要倒了，我想分分钟有金融机构直接把它收购了，或者蚂蚁金服可以花点小钱进入加拿大贷款市场，直接把它接管了。真的别TM整天杞人忧天的把鸡毛当令箭。写文章的人可以耸人听闻标题党，那是人家赖以生存的工具，不一惊一乍耸人听闻有点击率吗？多些理解吧，但你在理解的同时如果被这种吓唬的话给骗了，那你就真的SB透了。象许多投资移民被什么财富教练一吓唬，就不敢买房而把身家性命全买了分红保险了。点击展开...说到对房市的影响，HCG手里那些客户可能会到期无法Renew Mortgage。但这个对市场的冲击相对有限。HCG目前的资金缺口大约14亿。平均一家的贷款算40万好了。受影响的家庭大约是3500。这还不完全是GTA。就算全部在GTA，也实在是沧海一粟。连水花都挑不起。

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