Shares of Better Home & Finance took a nosedive in the company’s trading debut following its merger with Aurora Acquisition, a special-purpose acquisition company.
A Tough Road for Better Home
Better Home, also known as Better.com, is a digital-mortgage lender that thrived during the housing price and mortgage refinancing boom brought on by the pandemic and low interest rates. However, the sector has faced significant challenges in the past year due to rising interest rates.
To navigate through the downturn in the home mortgage market, Better Home had to make some difficult decisions, including laying off thousands of employees.
Regulatory Scrutiny
In addition to its operational struggles, Better Home and its SPAC partner disclosed an investigation by the Securities and Exchange Commission (SEC) in 2021. The investigation looked into whether they had violated federal securities laws. Fortunately, earlier this year, the company announced that the SEC staff had completed their investigation and did not plan to recommend any enforcement action.
For more updates on Better Home & Finance, stay tuned.
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