FHFA局长推文推动FICO与VantageScore同价，市值蒸发40亿美元
Bill Pulte’s tweet cost FICO shareholders $4 billion
监管政策直接改变核心资产定价机制并引发剧烈市场反应，投资者需关注FICO估值重构及信贷数据服务商格局变化。
Bill Pulte, Donald Trump’s appointed Federal Housing Finance Agency director who oversees US mortgage giants Fannie Mae and Freddie Mac, has shaved off $4 billion in market cap from credit giant FICO with a single post to X.
比尔·普尔特（Bill Pulte），唐纳德·特朗普任命的联邦住房金融局（FHFA）局长，该局负责监管美国房贷巨头房利美（Fannie Mae）和房地美（Freddie Mac），仅凭一条发往X平台的帖子，就使信贷巨头FICO的市值蒸发了40亿美元。
The government-backed mortgage giants will now price mortgages using VantageScore 4.0 on the same grid as FICO’s Classic score.
这些由政府支持的房贷巨头现在将在与FICO经典评分相同的定价网格上使用VantageScore 4.0来对抵押贷款进行定价。
The move, favoring FICO’s competitor, ends the arrangement that forced millions of conventional US mortgage applications through FICO’s tollbooth.
这一举措有利于FICO的竞争对手，结束了迫使数百万份美国常规抵押贷款申请通过FICO“收费站”的安排。
On Monday, Pulte posted that Fannie Mae and Freddie Mac will be “simplifying mortgage pricing” by ending FICO’s customary and arguably monopolistic role in mortgage applications.
周一，普尔特发帖称，房利美和房地美将通过结束FICO在抵押贷款申请中惯常且 arguably（可以说）具有垄断性的角色，来“简化抵押贷款定价”。
Although introducing one competitor into a monopoly simply creates a duopoly, Pulte exclaimed to the horror of executives at Fair Isaac Corporation, the maker of FICO credit scores, “Fannie and Freddie are hereby moving to ONE PRICING GRID with VantageScore joining the existing FICO Classic pricing grid.”
尽管在垄断市场中引入一个竞争对手只是形成了双头垄断，但普尔特还是向FICO信用评分制造商Fair Isaac Corporation的高管们发出了令人震惊的声明：“房利美和房地美特此转向单一定价网格，VantageScore将加入现有的FICO Classic定价网格。”
In pre-market trading today, NYSE-traded FICO stock had dropped by over 20%, losing over $3 billion. By 11am, the drop was closer to 30% with a market cap loss exceeding $4 billion.
在今日盘前交易中，在纽约证券交易所交易的FICO股价下跌超过20%，市值损失超过30亿美元。截至上午11点，跌幅接近30%，市值损失超过40亿美元。
We are Simplifying Mortgage Pricing following feedback from lenders and consumers. Instead of two separate pricing grids, which makes zero sense, Fannie and Freddie are hereby moving to ONE PRICING GRID with VantageScore joining the existing FICO Classic pricing grid. pic.twitter.com/g9h1EqsDca
我们根据贷款机构和消费者的反馈简化了抵押贷款定价。由于两个独立的定价网格毫无意义，房利美和房地美特此转向单一定价网格，VantageScore将加入现有的FICO Classic定价网格。 pic.twitter.com/g9h1EqsDca
— Pulte (@pulte) September 28, 2026
—— 普尔特 (@pulte) 2026年9月28日
Rocket Mortgage, a large home lender with close ties to Fannie Mae, Freddie Mac, and veterans’ loans, quickly announced that it will prefer FICO’s rival.
Rocket Mortgage是一家与房利美、房地美以及退伍军人贷款有密切关系的大型房屋贷款机构，它迅速宣布将优先采用FICO的竞争对手产品。
Starting in the fourth quarter, Rocket will default to VantageScore 4.0 instead of FICO score on eligible direct-to-consumer loans.
从第四季度开始，Rocket将对符合条件的直接面向消费者的贷款默认使用VantageScore 4.0，而非FICO评分。
Rocket Mortgage went further, twisting the knife by claiming average savings of $1,600 at closing for applicants thanks to VantageScore 4.0.
Rocket Mortgage更进一步，趁火打劫地声称，得益于VantageScore 4.0，申请人在结清时平均可节省1,600美元。
FICO stock has lost 46% of its value since September started. Source: TradingView
自9月初以来，FICO股票已贬值46%。来源：TradingView
Mortgage pricing grid change costs FICO billions
抵押贷款定价网格变更令FICO损失数十亿美元
Pulte praised Rocket Mortgage’s pivot away from FICO, claiming President Trump was ultimately to thank for the supposed savings.
普尔特赞扬Rocket Mortgage摆脱FICO的转向，并声称最终要感谢特朗普总统带来了所谓的节省。
Prior to yesterday’s news from Pulte, Fannie and Freddie priced risk into every conforming mortgage through loan-level price adjustments, fees set by credit score, and the amount of down payment.
在昨天普尔特发布消息之前，房利美和房地美通过贷款级别价格调整、按信用评分设定的费用以及首付金额，将风险定价纳入每一份符合标准的抵押贷款中。
Classic FICO was the only score those interest rate pricing grids recognized, so every conforming mortgage required buying a score on each applicant from FICO.
传统的 FICO 评分是利率定价网格中唯一认可的分数，因此每笔符合标准的抵押贷款都需要从 FICO 购买每位申请人的评分。
VantageScore 4.0, FICO’s main competitor built by Equifax, Experian, and TransUnion, gained full GSE access on September 9. However, Fannie and Freddie still priced it on separate grids and treated it as 20 points lower.
由 Equifax、Experian 和 TransUnion 共同打造的 VantageScore 4.0 作为 FICO 的主要竞争对手，于 9 月 9 日获得了政府支持企业（GSE）的全面准入。然而，房利美和房地美仍将其置于单独的定价网格中，并将其视为低 20 分。
Moreover, third-party analyses found VantageScore-priced loans cost more than FICO-priced loans, in many cases.
此外，第三方分析发现，在许多情况下，按 VantageScore 定价的贷款成本高于按 FICO 定价的贷款。
Memecoin shill Bill Pulte now leads all US spies
吹捧 Memecoin 的比尔·普尔特（Bill Pulte）现已成为美国所有间谍中的佼佼者
Read more: Bitcoin mortgages debut with 60% haircut and no margin calls
阅读更多：比特币抵押贷款首次亮相，提供 60% 折价且无追加保证金通知
Pulte ends FICO ‘monopoly’
普尔特打破 FICO 的‘垄断’
Monday’s change deletes the second grid, forcing FICO and VantageScore to compete directly. With the same fee tier, a lender may now bypass FICO entirely and generate a Fannie-/Freddie-conforming mortgage application.
周一的变更删除了第二个定价网格，迫使 FICO 和 VantageScore 直接竞争。在相同的费用层级下，贷款机构现在可以完全绕过 FICO，生成符合房利美/房地美标准的抵押贷款申请。
In Pulte’s personal opinion, “FICO has enjoyed a monopoly.” The housing director also claimed the company has increased its prices “1,800%” since 2020.
在普尔特看来，“FICO 一直享有垄断地位。”住房主管还声称，自 2020 年以来，该公司的价格已上涨“1,800%”。
FICO stock hit an all-time high of $2,402 in November 2024. It now trades 75% lower, below $610.
FICO 股价在 2024 年 11 月创下 2,402 美元的历史新高。目前其交易价格下跌了 75%，低于 610 美元。
Over the past month, the company has halved in value, losing over $12 billion of market cap as regulatory changes have undermined its pricing power.
在过去一个月里，该公司的市值减半，随着监管变化削弱了其定价能力，市值蒸发了超过 120 亿美元。
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