A lone U.S. lawmaker has launched an investigation into “potentially anticompetitive practices” of Fair Isaac Corp. (FICO) in mortgage credit scoring markets, following years of industry backlash to spiking credit costs for mortgage lenders and borrowers and allegations of monopolistic behavior.
Drawing on his authority as a member of the Senate Judiciary Committee and chair of its Subcommittee on Crime and Counterterrorism, Sen. Josh Hawley, R-Mo., sent a letter to FICO CEO Will Lansing on Monday detailing how Hawley believes “the company profits handsomely from the unsuccessful efforts of aspiring homeowners,” particularly as housing markets have faced severe challenges to homebuying affordability since 2022.
“But the relevant question is...