US Senate bill seeks to include crypto in mortgage approval process
If passed, the legislation could give more weight to a US housing regulatory agency’s June order to consider certain digital assets for mortgage loan risk assessments.
Wyoming Senator Cynthia Lummis has introduced a law that could codify an order from a US housing regulatory agency for mortgage purchasers to consider digital assets in applications.
In a Tuesday notice, Lummis said her proposed bill, the 21st Century Mortgage Act, would take congressional action following a June order from the US Federal Housing Finance Agency (FHFA). In that order, US mortgage purchasers Fannie Mae and Freddie Mac would be required to “consider cryptocurrency as an asset for single-family loans.”
“This legislation embraces an innovative path to wealth-building keeping in mind the growing number of young Americans who possess digital assets,” said Lummis.