When considering the credit quality of a mortgage pool, it behooves investors to beware of weighted average FICO scores, which can be misleading, warns Moody's Investors Service.

"Once FICO scores deviate substantially from the mean, which is usually the case in today's mortgage pools, relying on the weighted-average FICO score when making an investment may result in a poor decision," said Henry Engelken, a Moody's analyst.

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