Something feels off here. Federal housing regulators are now pushing Fannie Mae and Freddie Mac to roll out VantageScore 4.0—a credit scoring model supposedly designed with "inclusion" in mind. The pitch? It opens the door for 33 million new borrowers to qualify for mortgages.

But here's the catch: default rates could spike by as much as 20%.

Sound familiar? Government pressure to expand lending to high-risk borrowers played a massive role in the 2008 housing meltdown. Yet career officials at the Federal Housing Finance Agency seem ready to go down that road again. Lower credit thresholds, higher systemic risk—and taxpayers left holding the bag when it blows up.

Who benefits when the system's designed to fail?