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Fannie Mae, Freddie Mac Ordered To Consider Crypto As an Asset When Buying Mortgages
An anonymous reader quotes a report from the Associated Press: The head of the federal government agency that oversees Fannie Mae and Freddie Mac wants the mortgage giants to consider accepting a homebuyer's cryptocurrency holdings in their criteria for buying mortgages from banks. William Pulte, di...
And only crypto assets that "can be evidenced and stored on a U.S.-regulated centralized exchange subject to all applicable laws" are to be considered by the agencies in their proposal, Pulte wrote in a written order, effective immediately. The policy change is meant to encourage banks to expand how they gauge borrowers' creditworthiness, in hopes that more aspiring homebuyers can qualify for a home loan. Danielle Hale, chief economist at Realtor.com, added: "If Fannie and Freddie are going to accept cryptocurrency as collateral, that's a strong incentive for banks to shift their practices.
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