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Federal Housing Finance Agency Director Sandra L. Thompson tweeted that Fannie Mae and Freddie Mac will unify mortgage pricing, causing FICO stock to plummet nearly 30% intraday.
Federal Housing Finance Agency Director Bill Pulte announced via a tweet on Monday (September 28) that Fannie Mae and Freddie Mac will unify mortgage loan pricing by incorporating FICO's competitor, VantageScore 4.0, into the existing FICO Classic pricing grid. This move ends FICO's long-standing monopoly in mortgage applications. Following this news, FICO's stock price fell by over 20% in pre-market trading on Monday, losing more than $3 billion in market capitalization; by 11 AM, the decline approached 30%, with a market cap loss exceeding $4 billion. Since September, FICO's stock price has cumulatively fallen by 46%, evaporating over $12 billion in market capitalization, as regulatory changes have weakened its pricing power.
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