Biden's Mortgage Plan Punishes Homeowners with Good Credit, Says Former Obama Housing Chief.

Former Obama housing official David Stevens criticized the Biden administration's new mortgage plan, which will force good-credit homebuyers to subsidize the costs of buyers with poor credit. The Federal Housing Finance Agency's new rules will allow consumers with lower credit ratings and less money for a down payment to qualify for better mortgage rates than they otherwise would have, with the costs expected to be passed on to those with good credit. Stevens argues that this is "not the way" to bring in more home buyers and that the move is "unprecedented" and violates the discipline that Fannie Mae and Freddie Mac have operated under.