The FTC filed a lawsuit to block the proposed merger of Intercontinental Exchange Inc. and mortgage software company Black Knight.
The proposed merger is worth around $13B.
The agency said the merger would lead to higher fees for lenders, less innovation, and fewer choices for homebuyers.
- Acting deputy director of the FTC's Bureau of Competition, Patty Brink, said the deal would reduce competition in key areas of the mortgage process.
- The Community Home Lenders Association opposed the deal, saying that Black Knight's Empower and ICE's Encompass control around 60% of the market.
