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Those who remember the collapse of the housing bubbles in Britain and the U.S. might want to tune in to the saga of troubled Canadian alternative lender Home Capital Group Inc.

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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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HCG’s stock price fell nearly 60 per cent last Wednesday, following the launch of an investigation by Canadian regulators into allegations it misled investors, a rush to the exit by depositors and it taking out a $2 billion lifeline at a punitive interest rate. The lender, which competes in the market for less well qualified borrowers, has hired bankers to help it explore its strategic options.

So far, so 2007-2008, but this is Canada, and while there is undeniably a housing bubble, the interesting points won’t be just the extent to which this echoes the last housing bubble and denouement but how it differs.