Rocket's $9.4 billion Mr. Cooper buy would give it control of one in every six US mortgages

1 in 6 mortgages

Mortgage giant Rocket Companies on Monday said it’s buying Mr. Cooper, the largest mortgage-servicing company in the US, for $9.4 billion in an all-stock deal. If approved, the acquisition would add 7 million clients to Rocket’s roster and send its servicing book total up to a whopping $2.1 trillion. Rocket would control of one out of every six US mortgages.

The announcement comes in the same month that Rocket announced plans to buy real estate listing platform Redfin for $1.75 billion. The Redfin deal is expected to close in the second or third quarter, followed by the Mr. Cooper deal in the fourth.

This consolidation blastoff is happening as US home sales remain anemic, with elevated borrowing costs weighing down sales. Home sales rose 4.2% in February from the month prior, but were down 1.2% year over year. Prices climbed for the 20th month in a row — with the US median sale price up nearly 50% over the past five years.

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JetBlue is raising its bag fees as fuel costs squeeze airlines

JetBlue will reportedly hike its bag fees, as the cost of jet fuel continues to climb amid the war in Iran. It’s the latest example of carriers finding ways to push rising costs onto travelers.

Last week, United Airlines CEO Scott Kirby said that if fuel prices remain elevated, fares would need to rise another 20% for his airline to break even this year.

As CNBC reported, when one airline raises fees, others tend to follow.

Earlier this month, JetBlue hiked its first-quarter outlook for operating revenue per seat mile to between 5% and 7%, saying that strong Q1 demand helped “partially offset additional expenses realized from operational disruptions and rising fuel costs.” Now, the carrier appears to be making moves to further boost revenue to offset those costs.

Earlier on Monday, JetBlue rival Alaska Air lowered its Q1 profit forecast. The refining margins for the carrier’s cheapest fuel option — sourced from Singapore and representing about 20% of Alaska’s overall supply — have spiked 400% since February.

JetBlue did not immediately respond to a request for comment.

JetBlue Airways raises bag fees as fuel prices soar

As CNBC reported, when one airline raises fees, others tend to follow.

JetBlue did not immediately respond to a request for comment.

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