Those are both good points. My initial thought was this was Northern Rock 2.0 but NR also securitised their loans. Hard to know what to make of things now. In the last few days I have seen articles arguing the contrarian buy case and noted this piece from a fund manager last December arguing the shares have a place in every portfolio. Wonder what his view is now? http://www.theglobeandmail.com/globe-investor/investment-ideas/us-hedge-funds-make-bets-against-canadas-home-capital-group/article33438764/