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Home Capital's profit falls amid 'material uncertainty' about funding

“Potential future impact resulting from reputational concerns is inherently difficult to predict,” Home Capital said. “Therefore management believes that material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern.”

These issues have resulted in a hit to Home Capital’s liquidity position and its ability to fund mortgages, the company said.

“We are taking the steps required to regain the full confidence of Home’s stakeholders, most notably by adding four outstanding new directors with considerable expertise in governance and business,” said Brenda Eprile, chair of Home Capital, in a statement. “We will continue to look at every opportunity to strengthen Home as we move ahead.”

Home Capital said new traditional single-family residential mortgages hit a record in the first quarter of the year, up 3.6 per cent in that period to a total of $11.42-billion. But the company has already signalled to the market that the volume of new mortgage transactions and renewals will likely shrink in the coming months as the company tightens its lending standards and cuts back on some broker incentive programs.

What's Next for Home Capital Group Inc.?

Home Capital Group Inc. (TSX:HCG) released its most recent update on its liquidity situation on Friday. The company has provided investors with daily updates on the deposit situation following a run on its deposits since April.

Liquidity update concerning

The high interest savings account (HISA) balance as of May 25 sits at $110.6 million, continuing the daily declines and bringing the total weekly decline to $4.4 million. The continued decline in liquidity among HISAs is troubling; many analysts may have called the bottom on the deposit run too soon, suggesting in recent articles last week that the run on HISA deposits may have plateaued or may be starting to turn around. The total HISA withdrawals from levels seen just a few months ago total more than 90% of the previous balance.

Home Capital’s guaranteed investment certificate (GIC) balance has also declined to $12.28 billion from $12.3 billion just a day earlier with nearly $23 million being withdrawn from secured GICs. Cashable GIC balances also decreased by $3 million.

Does Capital One have a loan that I can use to pay off another credit card, besides a home loan?

I do not own a home. My Capital One interest rate is about half of my other credit card.


They offer personal unsecured loans, but make sure your credit is good before applying.

Thanks!