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Home Capital Group Inc. has named a former RBC Capital Markets executive with experience in mergers and acquisitions to its board to replace founder and former CEO Gerald Soloway as the embattled mortgage lender faces liquidity problems and explores its “strategic options.”

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Here’s a look at the company, its role in the Canadian mortgage landscape and how the discovery of fraud among its brokers two years ago continues to have ripple effects today.





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Home Capital’s chair of the board Kevin Smith also said in a statement Friday the Toronto-based company’s search for a new chief executive and new candidates for the board has “made considerable progress” and more changes are pending.

This comes one day after the Ontario Securities Commission held its first hearing in connection with its allegations of misleading disclosure against the mortgage lender, Soloway, former chief executive Martin Reid and chief financial officer Robert Morton.