Wednesday, July 17, 2013

Counsel Corporation - CXS.t

Counsel Corporation - CXS.t is a financial services company operating in residential mortgage lending through its wholly owned subsidiary Street Capital Financial Corporation, one of the largest non-bank mortgage lenders in Canada.

On May 27, 2013 the company reported News

"Counsel Corporation (“Counsel” or the “Company”) (TSX: CXS), a financial services company, today announced that its residential mortgage lending business, Street Capital Financial Corporation (“Street Capital”), has received approvals from the Canada Mortgage and Housing Corporation (CMHC) to be an approved issuer of National Housing Act mortgage backed securities (“NHA MBS”) and an approved seller under the Canada Mortgage Bond (CMB) program.

“This is an important milestone for Street Capital,” said Allan Silber, Chairman and CEO of Counsel. “These approvals will enable the business to access an additional source of liquidity for the mortgages it originates and renews, and to be an approved seller into the CMB program.”

Street Capital, sources single-family residential mortgages solely through a network of independent, high quality mortgage brokers across Canada with whom it has built relationships. The company offers a broad lineup of high ratio and conventional mortgages, predominantly to prime borrowers.