US Senate bill seeks to include crypto in mortgage approval process
Main Idea
A US Senate bill, the 21st Century Mortgage Act, seeks to include cryptocurrency in the mortgage approval process, potentially allowing digital assets to be considered in wealth-building and mortgage risk assessment.
Key Points
1. The bill follows a June order from the US Federal Housing Finance Agency (FHFA) regarding mortgage purchasers.
2. The legislation aims to support young Americans who own digital assets by incorporating them into mortgage evaluations.
3. Some Senate Democrats oppose the FHFA order, citing concerns about mortgage default risks.
4. A similar proposal, the American Homeowner Crypto Modernization Act, was introduced in the House to require mortgage lenders to consider crypto assets.
5. Block Earner, an Australia-based company, announced plans to offer Bitcoin-backed mortgages, aligning with the trend of crypto integration in housing finance.
Description
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.
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