August 3, 2017 / 1:30 PM / 2 months ago

Home Capital says new mortgage rules could impact business

TORONTO, Aug 3 (Reuters) - Home Capital Group Inc said on Thursday it expected tougher new rules on mortgage lending proposed by Canada’s financial regulator to have a material impact on its business.

The new “B20” guidelines propose stricter checks on uninsured mortgages, and a clampdown on regulated lenders teaming up with unregulated private lenders to circumvent rules limiting how much they can lend against a property.

“We believe that if B20 is implemented as proposed it could well have a material impact on our business strategy going forward,” Interim Chief Financial Officer Bob Blowes told analysts on a conference call after the company reported second-quarter losses which were greater than expected.

Reporting by Matt Scuffham; Editing by Bernadette Baum

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