The Biden administration has implemented a new mortgage rule that penalizes Americans with excellent credit and rewards financially irresponsible people.

The new rule reminds us of the 2008 housing crash, which was caused by similar policies. In addition, the government forced banks to give loans to individuals who were not qualified.

Maria Bartiromo, Fox Business’ anchorwoman, explained recently that it was essentially a redistribution. You are redistributing high-risk mortgages and loans.

She continued, “This is exactly what we did in 2005 and 2006. It led to the largest blow-off ever in the housing market. We went down the path of the worst financial crisis in a generation.” “What you’re doing is using higher down payments and credit ratings to redistribute mortgages, so that those with good credit scores pay for mortgages that would be riskier for people without that type of credit score.”

Republicans in Washington and at state capitols around the country have been working to reverse this rule. Fox Business reports:

State treasurers, other top finance officials and state treasurers from 27 states urged President Biden on Monday to stop his “unconscionable policy” of forcing those with good credit to subsidize the mortgage loans of more-risky borrowers. They warned that Biden’s plans would be “a disaster.”

Both Republicans and Democrats have attacked the controversial policy, including former Federal Housing Administrator of President Obama. Financial officers from 27 different states spoke out on Monday and stated that the policy is a mistake, even before it goes into effect.