In a court filing last week, ICE said that any attempt by the FTC to regulate the mortgage industry would be “an unconstitutional effort to second-guess” Congress.
Black Knight, a mortgage software and data firm, responded to this claim in a blog post, saying that ICE’s arguments were “impertinent.”
The FTC has been investigating the mortgage industry for potential antitrust violations. Black Knight is one of the companies that the FTC has been looking into.
In its filing, ICE said that the FTC does not have the authority to regulate the mortgage industry, and that any attempt to do so would be an unconstitutional infringement on Congress’s power to regulate interstate commerce.
Black Knight responded to this claim in a blog post, saying that ICE’s arguments were “impertinent.” The company said that the FTC does have the authority to regulate the mortgage industry, and that Congress has delegated this authority to the agency.
Black Knight also said that the Constitution does not give Congress the power to preempt state laws, as ICE has claimed.
The company concluded by saying that ICE’s arguments are “without merit” and that the FTC should continue its investigation into the mortgage industry.
You can read this full article at: https://www.housingwire.com/articles/judge-should-dismiss-ice-black-knights-constitutionality-claims-ftc-argues/(subscription required)
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.
