Latest news with #RocketCompanies
The Star
12 hours ago
- Business
- The Star
US senators press antitrust enforcers over Rocket-Redfin deal
FILE PHOTO: Screens display the logos of Rocket Companies (RKT), the parent company of Rocket Mortgage and Quicken Loans, in Times Square during the company's IPO on the New York Stock Exchange (NYSE) in New York City, New York, U.S., August 6, 2020. REUTERS/Mike Segar/File Photo (Reuters) -A group of U.S. Senators have demanded that federal antitrust enforcers explain why they did not seek to block Rocket Companies' $1.75 billion acquisition of real estate listing platform Redfin, saying the deal could raise costs for homebuyers. U.S. senators including Elizabeth Warren and Cory Booker, the top Democrats on the Senate banking and antitrust committees, wrote to the U.S. Department of Justice and Federal Trade Commission on Wednesday asking why they had not challenged the merger announced in March. Redfin shareholders are scheduled to vote on whether to approve the deal on Wednesday. Rocket's announcement that it plans to acquire mortgage servicer Mr. Cooper for $9.4 billion only raises further concerns about consolidation in the homebuying industry, said the group, which included Senator Bernie Sanders of Vermont, an Independent, and Democratic Senators Mazie Hirono of Hawaii and Tina Smith of Minnesota. "These deals would combine the second-largest mortgage originator, the largest mortgage servicer, and the third-most-visited real estate brokerage website in the United States, into a massive, vertically integrated conglomerate that may reduce choice and raise prices for American families in the housing market," the lawmakers said. A spokesperson for Rocket did not immediately respond to a request for comment. DOJ antitrust division head Gail Slater and FTC Chairman Andrew Ferguson have said they will not get in the way of lawful mergers, but said they will scrutinize deals for anticompetitive effects that hit consumers or workers, in an approach Slater dubbed "America First antitrust." The Redfin acquisition could allow Rocket to steer homebuyers using Redfin towards its real estate agents and mortgage offerings, and leverage data about user behavior to raise mortgage rates, the senators said. Average home prices are more than 50% above where they were in 2019, before the COVID-19 pandemic, and expected to continue rising this year. The rate for 30-year fixed-rate mortgages was 6.89% last week, reflecting pressure on the U.S. bond market from Congress' consideration of a massive tax and spending bill. (Reporting by Jody Godoy in New York; Editing by Christopher Cushing)
CNA
12 hours ago
- Business
- CNA
US senators press antitrust enforcers over Rocket-Redfin deal
A group of U.S. Senators have demanded that federal antitrust enforcers explain why they did not seek to block Rocket Companies' $1.75 billion acquisition of real estate listing platform Redfin, saying the deal could raise costs for homebuyers. U.S. senators including Elizabeth Warren and Cory Booker, the top Democrats on the Senate banking and antitrust committees, wrote to the U.S. Department of Justice and Federal Trade Commission on Wednesday asking why they had not challenged the merger announced in March. Redfin shareholders are scheduled to vote on whether to approve the deal on Wednesday. Rocket's announcement that it plans to acquire mortgage servicer Mr. Cooper for $9.4 billion only raises further concerns about consolidation in the homebuying industry, said the group, which included Senator Bernie Sanders of Vermont, an Independent, and Democratic Senators Mazie Hirono of Hawaii and Tina Smith of Minnesota. "These deals would combine the second-largest mortgage originator, the largest mortgage servicer, and the third-most-visited real estate brokerage website in the United States, into a massive, vertically integrated conglomerate that may reduce choice and raise prices for American families in the housing market," the lawmakers said. A spokesperson for Rocket did not immediately respond to a request for comment. DOJ antitrust division head Gail Slater and FTC Chairman Andrew Ferguson have said they will not get in the way of lawful mergers, but said they will scrutinize deals for anticompetitive effects that hit consumers or workers, in an approach Slater dubbed "America First antitrust." The Redfin acquisition could allow Rocket to steer homebuyers using Redfin towards its real estate agents and mortgage offerings, and leverage data about user behavior to raise mortgage rates, the senators said. Average home prices are more than 50 per cent above where they were in 2019, before the COVID-19 pandemic, and expected to continue rising this year. The rate for 30-year fixed-rate mortgages was 6.89 per cent last week, reflecting pressure on the U.S. bond market from Congress' consideration of a massive tax and spending bill.
Reuters
12 hours ago
- Business
- Reuters
US senators press antitrust enforcers over Rocket-Redfin deal
June 4 (Reuters) - A group of U.S. Senators have demanded that federal antitrust enforcers explain why they did not seek to block Rocket Companies' (RKT.N), opens new tab $1.75 billion acquisition of real estate listing platform Redfin (RDFN.O), opens new tab, saying the deal could raise costs for homebuyers. U.S. senators including Elizabeth Warren and Cory Booker, the top Democrats on the Senate banking and antitrust committees, wrote to the U.S. Department of Justice and Federal Trade Commission on Wednesday asking why they had not challenged the merger announced in March. Redfin shareholders are scheduled to vote on whether to approve the deal on Wednesday. Rocket's announcement that it plans to acquire mortgage servicer Mr. Cooper (COOP.O), opens new tab for $9.4 billion only raises further concerns about consolidation in the homebuying industry, said the group, which included Senator Bernie Sanders of Vermont, an Independent, and Democratic Senators Mazie Hirono of Hawaii and Tina Smith of Minnesota. "These deals would combine the second-largest mortgage originator, the largest mortgage servicer, and the third-most-visited real estate brokerage website in the United States, into a massive, vertically integrated conglomerate that may reduce choice and raise prices for American families in the housing market," the lawmakers said. A spokesperson for Rocket did not immediately respond to a request for comment. DOJ antitrust division head Gail Slater and FTC Chairman Andrew Ferguson have said they will not get in the way of lawful mergers, but said they will scrutinize deals for anticompetitive effects that hit consumers or workers, in an approach Slater dubbed "America First antitrust." The Redfin acquisition could allow Rocket to steer homebuyers using Redfin towards its real estate agents and mortgage offerings, and leverage data about user behavior to raise mortgage rates, the senators said. Average home prices are more than 50% above where they were in 2019, before the COVID-19 pandemic, and expected to continue rising this year. The rate for 30-year fixed-rate mortgages was 6.89% last week, reflecting pressure on the U.S. bond market from Congress' consideration of a massive tax and spending bill.
Yahoo
7 days ago
- Business
- Yahoo
Jim Cramer Calls Rocket Companies (RKT) a 'Very Fine Company'
We recently published a list of . In this article, we are going to take a look at where Rocket Companies, Inc. (NYSE:RKT) stands against other stocks that Jim Cramer discusses. A caller pointed out that Morgan Stanley economists are predicting one rate cut this year and seven rate cuts next year and asked about Rocket Companies, Inc. (NYSE:RKT). In response, Cramer said: 'If that's the case, if that scenario occurs, then you gotta buy, buy, buy…. Now that's not my scenario. My scenario is that nothing happens because the president is doing stuff that'll make it so that Mr. Powell may say, listen, I can't encourage any inflation, and that could go on for a little bit. But you know what? I think Rocket's a very fine company.' A businessperson using a laptop to review the details of a mortgage loan for a client. Rocket Companies (NYSE:RKT) is a fintech holding company that focuses on mortgage lending, title services, settlement solutions, and other financial technology services in the United States and Canada. During an episode of Squawk on the Street in March, Cramer remarked: 'Well I think that's another deal. They bought Redfin, these guys like to buy… [On how they like to be end-to-end] Yes. And they're using the. . FTC to be able to… I think they're brilliant. I think they're taking advantage of new regime, which is you know you get in front of the FTC, there is no. . .you know the FTC's kind of in a bind there, because we have a lame duck, I don't know where did those guys go? The new guys don't seem to be as concerned about the anti trust as the old guys.' Overall, RKT ranks 15th on our list of stocks that Jim Cramer discusses. While we acknowledge the potential of RKT as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than RKT and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey.
Yahoo
27-05-2025
- Business
- Yahoo
Jim Cramer Calls Rocket Companies (RKT) a 'Very Fine Company'
We recently published a list of . In this article, we are going to take a look at where Rocket Companies, Inc. (NYSE:RKT) stands against other stocks that Jim Cramer discusses. A caller pointed out that Morgan Stanley economists are predicting one rate cut this year and seven rate cuts next year and asked about Rocket Companies, Inc. (NYSE:RKT). In response, Cramer said: 'If that's the case, if that scenario occurs, then you gotta buy, buy, buy…. Now that's not my scenario. My scenario is that nothing happens because the president is doing stuff that'll make it so that Mr. Powell may say, listen, I can't encourage any inflation, and that could go on for a little bit. But you know what? I think Rocket's a very fine company.' A businessperson using a laptop to review the details of a mortgage loan for a client. Rocket Companies (NYSE:RKT) is a fintech holding company that focuses on mortgage lending, title services, settlement solutions, and other financial technology services in the United States and Canada. During an episode of Squawk on the Street in March, Cramer remarked: 'Well I think that's another deal. They bought Redfin, these guys like to buy… [On how they like to be end-to-end] Yes. And they're using the. . FTC to be able to… I think they're brilliant. I think they're taking advantage of new regime, which is you know you get in front of the FTC, there is no. . .you know the FTC's kind of in a bind there, because we have a lame duck, I don't know where did those guys go? The new guys don't seem to be as concerned about the anti trust as the old guys.' Overall, RKT ranks 15th on our list of stocks that Jim Cramer discusses. While we acknowledge the potential of RKT as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than RKT and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
