More than two weeks before the public would get the first inkling of problems at Home Capital Group Inc., the alternative mortgage lender found itself under heightened scrutiny — and not for the first time — from Canada’s top banking regulator.
The Office of the Superintendent of Financial Institutions detailed the concerns that were building around the company.
“Significant corporate governance issues, AML (anti-money laundering) concerns and internal control breakdowns pertaining to practices in underwriting residential mortgages” had been identified at Home Trust, Home Capital’s fully owned subsidiary, OSFI wrote in the letter.
And the regulator was taking action.
Grab a coffee.
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