The Federal Housing Finance Agency is poised to allow cryptocurrency as qualifying assets in mortgage applications, marking a major shift in policy. Director Bill Pulte has instructed Fannie Mae and Freddie Mac to prepare proposals to recognize cryptocurrency holdings, which could ease the mortgage qualification process for crypto owners. This initiative aims to enhance accessibility for homebuyers without needing to convert digital assets into cash. However, monthly payments will still be required in U.S. dollars. Only cryptocurrencies held in U.S.-regulated exchanges will be considered, alongside strategies to manage market volatility.
Today is a historic day in the cryptocurrency industry and the mortgage industry, whereby Fannie Mae and Freddie Mac are now positioned to involve Cryptocurrencies in Mortgages.
The decision was in keeping with President Donald Trump's vision to make the United States the crypto capital of the world.
Pulte directed government-backed mortgage giants Fannie and Freddie to propose new rules for how cryptocurrency could be considered as an asset for mortgages.
Only crypto held in U.S.-regulated central exchanges would qualify, with risk mitigation measures to account for volatility in crypto markets.
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