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he thinks the banking system is solid but expects to see more consolidation. a number of analysts are wondering if it will impact the rate hike decision by the fed this week. washington mute rail was bought by j.p. morgan and stearns was bought in 2008. the big banks are getting bigger is the takeaway. >> bill: nice to see you back in california. >> dana: the biden administration's very controversial mortgage rule takes effect today. it forces home buyers with a high credit score to pay more in order to subsidize riskier borrowers. some say it's nothing more than a middle class tax hike. co-host of the ramsey show jade is here. let's put up the board for everybody to see. if you have a fair credit score, not the great credit score, you used to have to pay $5 thousand over the course of the loan. after that rule change goes into
effect today it's only $3 thousand. if you have a very good credit score you used to pay $1 thousand and after today you will have to pay $2 thousand. jade, you are somebody who worked very hard over many years to get a high credit score. how does it make you feel and what should people do? >> what you said is true. they're trying to shrink the gap between those with a low credit score and those with a good credit score so more folks with lower credit scores can get in and start buying homes. the thing is the shift taking place is only about $ten per 100,000. we're talking about 30 and $40 a month over the lifetime of this loan and at 30 to 40 is changing your world in a bad way or in a good way, you probably don't need to be buying a house right now. if you are somebody coming in with low income, low credit and needing this 10, 20, $30 it is probably not a good time to buy