Credit scoring may be all the rage among the lenders and the mortgage agencies, but Wall Street investors are taking a wait-and-see attitude, according to Stephen C. Rudner, vice president, Morgan Stanley & Co.

There are so many proprietary scoring systems in use, Mr. Rudner said, that investors are not sure what to make of scores from each. Moreover, "No one will tell you how their model works, because it's proprietary," he said.

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