The new directive by financial authorities primarily addresses conventional loans via government-sponsored enterprises, limiting its impact on homebuyers. Phil Crescenzo points out that if borrowers possess stocks or retirement accounts, underwriters may ignore their crypto holdings. Conversely, Emily Goodman highlights that digital assets are facilitating access to homeownership, allowing crypto asset holders to qualify for mortgages who might have been excluded. Roby Robertson believes that crypto-backed loans could assist nonqualified borrowers, particularly first-time homebuyers struggling with traditional capital access, while also stressing the need to evaluate the source of funds from crypto borrowers.
Crescenzo believes the new directive is too narrow to impact homebuyers as it only targets conventional loans through government-sponsored enterprises and may not consider crypto holdings where borrowers possess stocks or retirement accounts.
Goodman emphasizes that digital assets are expanding access to homeownership, allowing crypto holders to introduce new borrowers into the mortgage qualification process, providing liquidity and a new value perspective.
Robertson is optimistic that crypto-backed lending could benefit nonqualified mortgage borrowers, especially first-time homebuyers who have gained financially from crypto and find it hard to secure traditional capital.
The crucial concern for crypto borrowers, according to Robertson, lies in the source of their funds, as their transaction ledger will significantly influence the associated loan risks.
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