Last week we mentioned Canada's emerging property bubble. After reading this warning from BlackRock and then this alarming report by RMG Investment Management (out of the UK), perhaps we should've been a bit more focused on it. In a nutshell, they query whether the Home Capital Group (HCG) collapse roughly a week ago - taking a massive and expensive credit facility, stock plummeting, short seller Marc Cohodes ranting and raving - is the precursor to "the bubble" bursting. At five pages, the report is a bit lengthy but it's worth it. The chart within juxtaposing Canadian housing vs. US housing is particularly interesting. As is the fact that Steve Eisman's investment idea at the Sohn Conference in 2013 was to short Canadian housing, including HCG. We wonder if he had the patience to maintain that short over this duration. Either way, perhaps this is all a moot point if, as reported by Reuters, buyout firms such as Apollo Global Management LLC, Blackstone Group LP and Centerbridge Partners LP are looking to buy HCG. Meanwhile, stateside, Ocwen Financial's problems seem to be mounting.