The Biden administration's move to offer discounted mortgage rates to low-credit buyers seems like a noble gesture to expand housing access, but it comes at a cost.
High credit buyers with a substantial down payment are now charged more for their mortgage, essentially penalizing responsible financial behavior in America.
As the American housing market becomes flooded with risky borrowers, a repeat of the foreclosures in the early 2000s should come to mind for the Biden administration...
