Senators Probe $1.75B Rocket-Redfin Deal Over Antitrust Fears
Senate Committee Launches Investigation Into Market Concentration Concerns A bipartisan group of five senators has initiated an investigation into Rocket Companies' aggressive acquisition strategy. The focus is on the mortgage giant's $1.75 billion takeover of Redfin and a $9.4 billion deal for Mr. Cooper. Senators Elizabeth Warren, Cory Booker, Bernie Sanders, Mazie Hirono, and Tina Smith are seeking answers from federal antitrust bodies. They are concerned about the merger's effects on America's housing market. There is skepticism that Rocket's acquisition model might mirror the trend seen in real estate fundamentals , where focusing on core, clear strategies aligns with long-term sustainability. A formal letter was sent to the Department of Justice and Federal Trade Commission. A response is required by June 17, addressing potential regulatory failures. The senators warn of a "massive housing company" that could dominate mortgage origination and servici...