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CORRECTED-Home Capital says third party plans to buy C$1.5 bln in mortgages
May 9, 2017 / 12:02 PM / 5 months ago

CORRECTED-Home Capital says third party plans to buy C$1.5 bln in mortgages

(Corrects currency to Canadian dollars)

May 9 (Reuters) - Home Capital Group Inc said a third party intends to buy up to C$1.5 billion ($1.10 billion) in mortgages, at a time when Canada’s biggest non-bank lender is attempting to stem the flow of customer withdrawals.

The third party has indicated its non-binding intention to buy as much as C$1 billion in uninsured mortgages and to buy or accept commitments for up to C$500 million in insured mortgages.

Home Capital is under pressure as it deals with a plunge in its high-interest savings accounts deposits, the recent departures of its founder and chief executive, and faces a regulatory probe for misleading investors. ($1 = 1.3694 Canadian dollars) (Reporting by Arathy S Nair in Bengaluru; Editing by Anil D‘Silva)

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