FICO’s Power Play: Can the Bureaus 'Shake It Off'?

This week’s Convexity Pulse kicks off with Kirill Krylov and Steven Scheerer reviewing September’s fixed-income performance and the new leading sectors at the end of Q3. They explore regional housing momentum led by the Midwest and Harvard’s long-range outlook for homeownership through 2035. They highlight the record pace of CMO issuance this year and focus on September's shifting trends as rates rallied. The episode closes with a deep dive into FICO’s new direct licensing model — a potential shake-up in the mortgage credit ecosystem.