Gilbert's net worth quadrupled at the close of the stock market. He's now the 28th richest person on the planet with a net worth north of $30 billion.
RKT is about a full digital end-to-end experience for borrowers. Translation: RON.
Nonbank lenders like Quicken made out like bandits after the financial crisis when nonbank lenders were given a regulatory pass. Now, they've got the Federal Reserve propping up the housing market with tens of billions of dollars in mortgage-backed securities purchases weekly. The Fed has also stepped up purchases of Treasury securities in the past few weeks purchasing $80 billion weekly which helps keep a lid on mortgage rates by keeping the yield low on the US10Y.
Without the Federal Reserve and the United States government, Dan Gilbert wouldn't have been able to pull of this IPO. But let's sing the praises of capitalism and salute the flag. |
