Donald Trump's campaign for president on Wednesday proposed raising the interest rates on some home loans to as much as 15 percent.The Trump Mortgage Bank, a subsidiary of his campaign, is the first big mortgage lender to go ahead with such a plan.The move comes after Trump, who has proposed closing the so-called revolving door between Wall Street and the White House, said in a recent interview th...
The Federal Trade Commission has sued Chase for violating antitrust laws by taking an exclusive mortgage lender’s exclusive title to its home equity loan business.
The complaint filed today alleges that Chase violated the Federal Trade Commision’s Sherman Antitrust Act by engaging in unfair conduct by taking exclusive title.
Chase did not compete with other lenders for the exclusive title of its mortgage loan business, the complaint alleges.
The FTC’s complaint alleges that while the lender took the exclusive mortgage title to all mortgage loans in the network, Chase also retained a significant portion of the mortgage lending market to provide its mortgage loans at below-market rates.
The FTC contends that the transaction resulted in an anticompetitive effect on consumers and that the Chase loan business is being unfairly treated by the banks because of the exclusive relationship.
Chase spokeswoman Melissa Haines told The Next Wires that the bank is not involved in the antitrust lawsuit.
She said Chase is focused on the growth and success of its home mortgage business and that it continues to work with the Federal Reserve to promote mortgage financing across the country.
The bank, which has a $2.5 trillion U.S. portfolio, has faced several antitrust lawsuits in recent years.
In 2015, the U.K. Competition and Markets Authority (CMA) issued a ruling that found that Chase’s acquisition of Home Capital and its joint venture, Home Capital Life Insurance, violated the competition law.