Mortgage in the USA: cryptocurrencies are preparing a place in the financial system

American regulators are developing new rules allowing the use of cryptocurrency to obtain a mortgage without converting it into fiat. 

The US Federal Housing Finance Agency (FHFA) has ordered Fannie Mae and Freddie Mac to take into account borrowers' crypto assets when assessing mortgage risks. The decree signed on June 25 introduces the digital currency into the legal field of housing loans. These publicly funded corporations handle over 50% of mortgage decisions in the United States, and their policies set market standards.

According to the FHFA, in 2023-24, only about 1% of buyers used cryptocurrency for a down payment, although 20% of Americans have crypto portfolios. The new rules may expand access to mortgages in expensive housing conditions.

By the end of August, Fannie Mae and Freddie Mac are expected to submit pilot accounting schemes for cryptocurrencies. Banks will need to update their IT platforms to verify wallets and account for asset volatility. Experts are confident that a successful experiment will make crypto assets a standard part of mortgage applications, along with stocks and bonds.