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Borrower Applications: Home Capital

borrower applications: Things have improved during the fourth quarter and, in the long run, Home Capital will be stronger because of what it learned from the financial crisis, Bissada said in an interview, according to CTV. It has forced us to look at a lot of procedures and processes and made us a much better company. He said Home Capital HCG didn't have enough funds to lend until mid-July -- following an infusion of capital from famed investor Warren Buffett in June -- and then its brokers needed time to submit updated borrower applications. That will, in the long run, prove out to be a better Home Capital, said Bissada, who didn't join the company until August. Depositors reacted to the OSC's accusations by withdrawing about 2 billion from high interest savings accounts from two Home Capital subsidiaries, forcing the company to look for other sources of funds for its lending activities. Earlier this year, the Ontario Securities Commission accused former top executives -- including its CEO and chief financial officer -- of misleading investors about the impact of severing ties with some affiliated brokers accused of fraud. ( As reported in the news.