Biden's new mortgage rule sparks outrage and controversy.
The Biden administration's new mortgage redistribution plan, set to take effect on May 1, will allow borrowers with lower credit ratings and less money for a down payment to qualify for better mortgage rates, while those with higher ratings will pay increased fees. Real estate industry leaders have criticized the plan, saying it will disproportionately impact "responsible" homeowners and potential buyers. Some senators have also expressed outrage over the regulation, claiming it penalizes fiscally responsible Americans.