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access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access 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access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access 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access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access 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access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access 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access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access access

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. If you don't like your exam result, how about requesting a different examiner? The US government thinks this might be one answer to the pressing problem of US housing affordability. American housing has become increasingly expensive since 2022, when the Federal Reserve started raising short-term interest rates.

Persistent inflation has pushed up long-term yields, and 30-year home loans now cost an eye-watering 7 per cent. Unsurprisingly, mortgage lending has plummeted — the $200bn of loans originated in the latest quarter is half what was seen in 2021. For individual homeowners, the obstacle isn't just the benchmark rate, but their own credit score.

Hence a proposal from federal housing tsar Bill Pulte to push for more competition among consumer credit agencies. This knocked a quarter, or $4bn, off the market capitalisation of Fair Isaac, whose FICO credit scoring system currently reigns supreme in the mortgage market. Under the new plan, Fannie Mae and Freddie Mac, which buy, guarantee and securitise mortgages at the behest of the government, will now be able to take ratings from Vantage Score on an equal footing with FICO.

Under the current system, using the alternative system results in a loan surcharge. The theory is that Vantage Score, backed by credit bureaus Experian, Equifax and Trans Union, may be better able to detect some of the "credit invisible". It uses a slightly different algorithm with different weights for factors like credit utilisation and payment history.

Its backers cite research saying this reveals at least 5mn mortgage-ready borrowers FICO would have missed. It's plausible that this would give more Americans access to mortgages, and at slightly lower rates. Home loan providers including Rocket Mortgage have publicly shared their enthusiasm.

Some asset managers are less thrilled, worrying that the net result might be a reduction in underwriting standards. After all, they are the ones who end up holding the mortgage-backed securities.

المصدر: Financial Times Companies · لخّصه HeadlinesBriefing