Welcome, it is verdict with Senator Ted Cruz. Ben Ferguson with you. Senator, this show is going to be one that is going to irritate a lot of people.

The Biden new rule that he wants to put on the American people will redistribute high-risk loans, and that will cost homeowners with good credit more money to get a loan.

In translation, what he wants to do is give a bonus, reward bad credit, bad credit scores,

and then those that have good credit will pay higher interest rate.

This isn't a joke.

This is redistribution of a new way of doing it.

I guess you could say, Senator, with wealth, your reaction.

Well, it's even worse than that.

So this is a proposed rule that has come from Fannie Mae and Freddie Mac.

Fannie Mae and Freddie Mac are government-sponsored

entities that purchase mortgages, and they have an enormous impact, a dominant impact, in the

home mortgage market. And under Joe Biden, they've rolled out new rules. And the new rules do

two things. Number one, they benefit you if you have a low credit score. So if your credit score is bad, if you've defaulted on rent payments, if you defaulted on your mortgage before, if you fail to pay credit cards, if you have a low credit score, your credit is cheaper. And then the flip

side is, if you've been responsible, if you've done the good work of paying your bills,

if you paid your rent on time, if you've had a home and you paid your mortgage on time,

even if you've had credit cards and you paid them off. They penalize you. They

charge you more if you have a good credit score. Now it gets even dumber than that. If not only do

you have a good credit score, but you've actually been responsible, you've saved,

you put money in the bank, and you're putting down a 20% down payment, they jack your fees

up even higher. They charge you more. And I've got to say, look, I've actually found in the last

two weeks, I've had multiple people come up to me in conversations and raise this with me because this is infuriating.

This is asinine.

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