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Home Capital to sell $1.5B worth of mortgages to mystery buyer

A subsidiary of alternative mortgage lender Home Capital has struck a deal to sell $1.5 billion worth of mortgage commitments and renewals to an unnamed buyer.

Home Trust, a division of Home Capital licensed to conduct business across Canada, announced the move in a news release early Tuesday. 

Although it described the deal as "non-binding," Home Trust says the mystery buyer intends to:

- Buy up to $1 billion worth of uninsured mortgages, up to half of which would come immediately via existing commitments and/or mortgage renewals.
- Buy an additional $500 million worth of insured mortgages, provided they have proper documentation.

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