Street Capital sees openings as Home Capital deposits fall
Street Capital slips to a Q1 net loss of C$2.57 million from profit of C$3 million a year earlier
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Toronto
STREET Capital Group Inc said it's treating recent turbulence in the Canadian mortgage lending market as an opportunity, while embattled rival Home Capital Group Inc continues to see deposits dwindle.
"The issues faced by our mortgage lending peers are not representative of the risk we face today at Street Capital," chief executive officer Ed Gettings said on Wednesday in a conference call. He didn't elaborate on the opportunities he sees, but separately said the firm plans to expand into uninsured mortgages starting this month and is evaluating non-government sponsored residential mortgage-backed securities.
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