Biden's Mortgage Rules: Punishing Responsible Homeowners with Higher Fees?

The Biden Administration has introduced a new rule that will increase fees for certain "high" borrowers with a credit score above 680, while people with lower credit scores will pay a lower rate. The changes are intended to provide equitable access to homeownership, but critics argue that the new rules appear to subsidize homeowners with lower credit scores. Those who put 15% to 20% down on a home could feel the biggest increases, and the new rule also makes it more expensive for borrowers who want to refinance. A bill in Congress aims to repeal this new policy, but for now, it is set to go into effect on Monday.