This sounds shitty and inequitable.... but I realized socialized pricing is becoming the norm on the private commodities market. We already do it with airline ticketing and education. Mortgages honestly makes sense as a next step. You're going to pay it because at the end of the day you need a house and you are willing to pay more than others for it. If anything there's a shit ton of bank executives kicking themselves in the nuts right now for not thinking of this sooner. They were leaving a lot of money on the table.
Just watched a really interesting presentation on this but in short, the way the consumer market is moving, over the next few decades, if you make more money, you will begin paying more for the same items other people pay less for. In other words, as digital markets become more and more dominant, they are going to use data collection to profile you, and individual pricing based on your personal demand will dictate your price. If you make more money or have higher demand, companies will be able to ID that you are wiling to pay more for an identical product someone else is getting at a much lower price.
This sounds bonkers, and I wouldn't believe it on my own, but like I said--its already happening in education and airline ticketing.
Not saying I agree with Biden here. Just saying if he didn't do it, the bank was certainly going to do it in the next decade.