By Noah Zivitz
Home Capital Group survived the crisis of confidence that pushed it to the brink this spring, but the road to recovery remains long. The alternative lender said late yesterday its mortgage originations plunged to $385 million in the third quarter from $2.54 billion a year earlier. While Home Capital posted a profit during the latest three-month period after suffering a big loss in the prior quarter, the company admitted loan growth “has been slower than planned” and warned originations will likely be “well below historical levels” in the fourth quarter. We await more details on the conference call at 8:00 a.m. ET.
NAFTA ROUND FIVE
The chief negotiators will roll up their sleeves in Mexico City on Friday, but working groups are expected to resume renegotiations today. Given the venue, it’s fair to assume a good portion of the talks will focus on autos. And there’s another sore spot back in the spotlight after Canada filed a notice of intent to challenge U.S. softwood duties under the Chapter 19 dispute resolution mechanism.