If you have a high credit score — known as a FICO score — and are about to buy a home, your mortgage payments will be higher than they would have been before May 1. That is because of a new rule put into effect by the Biden administration. It will penalize creditworthy borrowers to subsidize those with low credit scores. It could add or more per month to a 30-year mortgage. This approach to lending sounds outrageous to most folks and suggests income redistribution. And that, in essence, is what it is. The rule requires lenders to adjust...

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