US FTC will seek to stop ICE from buying Black Knight
Summary
The agency said the proposed deal would mean higher fees, less innovation and fewer choices in the process of financing the purchase of a home. Under President Joe Biden, who has promised tougher antitrust enforcement, the FTC has sued to stop an unusually large number of deals, and many companies terminated their transactions without a fight. One exception was Facebook parent Meta, which battled the FTC over its plan to buy virtual reality company Within Unlimited. In February, Reuters reported that Black Knight had decided to put its Empower loan origination software business up for sale in a response to U.S. antitrust concerns. The Community Home Lenders Association, which opposed the deal, has argued that Empower and ICEs Encompass unit are the top two vendors for loan origination software, jointly controlling upwards of 60% of the market.
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