Under-pressure mortgage lender Home Capital said Monday that its Home Trust division has drawn $1.4 billion of its credit line secured by Canada’s major banks as its deposit levels dropped to $192 million.
The bank announced that it has suspended its dividend to help maintain liquidity and that three leading Canadian businesspeople – Claude Lamoureux, Paul Haggis and Sharon Sallows – have agreed to join the Company’s Board of Directors immediately.
Lamoureau is a former Ontario Teachers Pension Plan CEO; Haggis is a former CEO of Ontario Municipal Employees Retirement System; and Sallows has a background in lending in real estate and other sectors.
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