Look, I've been following the Better Home & Finance situation pretty closely, and according to HousingWire, things just got more heated. Founder Vishal Garg, who got removed as CEO back in August, is doubling down on his effort to take back control. He's pushed his shareholder consent deadline out again, this time to early October, and he's now named three specific people he wants to add to the board if his campaign succeeds. These are experienced industry folks, including someone who used to work at Amazon and others with significant venture capital and mortgage experience.
Here's where it gets interesting on the financial side. Garg had previously claimed he'd locked up support representing just over half the company's voting power, but Better's leadership is now pushing back hard, saying he hasn't actually delivered the proof to back that claim up. They're saying his support really only comes from a small group of allies, not from regular public shareholders. The whole thing has turned into a real proxy fight, with both sides asking shareholders to sign different cards either supporting or rejecting Garg's proposals.
The broader context here is that Better's stock has cratered under Garg's leadership and the company has been losing money consistently since 2022. The current board is pointing to that track record and arguing the company needs stability and focus. Meanwhile, Garg says the board improperly forced him out and that he deserves a meaningful role in the company he founded. Both sides have even gone to court. A federal judge let Garg's campaign continue, but a lawsuit is still moving forward.
On the business side, Garg put forward a turnaround plan if he gets control back, talking about hitting specific revenue and volume targets while cutting the company's monthly cash losses. Better's leadership called that plan unrealistic and said it came too late in the process anyway. Two major proxy advisory firms, the organizations that help shareholders make voting decisions, have both recommended supporting the current board.
What I'm seeing locally and in the broader real estate finance world is that these internal fights at big mortgage companies can create real uncertainty in the market. Better is a significant player in our region's lending ecosystem, and when there's this kind of ongoing distraction and leadership chaos, it affects both borrowers and the broader industry. For folks buying or selling in the Bay Area and East Bay, the key thing is making sure you're working with lenders and brokers who've got their house in order and aren't caught up in these kinds of battles. Stability matters when you're moving hundreds of thousands of dollars and making one of the biggest decisions of your life.
