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AGF & HSBC Updates

AGF AGF Trust closed its Montreal office this week to consolidate operations with its Toronto office.  AGF says the move is designed to “streamline” operations in light of “reduced demand for services.”

The company said it is still “strongly committed to providing investment loans and mortgages to clients in Quebec.”  Given the current economic environment, however, it is “making changes” to its “product offering that will restrict lending to select urban locations.”

A spokesperson said AGF “will continue to lend to clients in various regions, working closely with local financial advisors and mortgage brokers.”

12 positions will be affected by the closure of the Montreal office.

AGF Trust is a balance sheet lender (i.e.  it funds its mortgages itself versus securitizing them) and is based in Toronto.  The company specializes in “near-prime” mortgages.  More on AGF products


In similar news, HSBC said today that it is closing its Markham, Ontario mortgage underwriting office effective December 31, 2008.

It is moving “all mortgage underwriting operations for Canada” to its Burnaby, BC office.