FICO slumps after Fannie Mae and Freddie Mac move to single pricing framework

By Reuters News

** Credit-scoring company Fair Isaac Corporation falls 22.2% to $653 premarket

** Stock set to hit lowest since February 2023 at market open

** Federal Housing Finance Agency (FHFA) Director Bill Pulte says Fannie Mae and Freddie Mac will move to a single pricing grid, with VantageScore joining the existing FICO pricing framework

** Fannie Mae and Freddie Mac are mortgage-finance firms that help fund the U.S. housing market

** VantageScore is a rival credit-scoring model jointly developed by Equifax EFX.N, Experian EXPN.L and TransUnion TRU.N

** Earlier this month, Pulte reiterated his claim that FICO was unduly keeping consumer costs high

** As of last close, stock down 50.3% YTD

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