Cryptographic assets are first included in the assessment of American mortgage loans, and the driving force behind this is surprisingly an early supporter of Bitcoin.

Author: Nancy, PANews

On June 26, the Federal Housing Finance Agency (FHFA) of the United States issued a milestone directive, officially requiring the inclusion of crypto assets in the mortgage asset evaluation system for the first time. Although the policy is still in the early exploratory stage, and specific details have not yet been fully clarified, the strategic significance behind it, which promotes the accelerated integration of cryptocurrencies into mainstream finance, has sparked heated discussions within the crypto community.

plans to classify crypto assets as collateral for US mortgages, with several details yet to be finalized.

A few days ago, William J. Pulte, the Director of the Federal Housing Finance Agency in the United States, posted on social media that the agency will conduct research on the applicability of “cryptocurrency assets in mortgage qualification assessments.”

Days later, Pulte announced again, “After in-depth research and in response to President Trump’s vision of making the United States a global cryptocurrency capital, I have today ordered Fannie Mae and Freddie Mac to prepare to classify cryptocurrency as an asset for mortgage purposes.”

The FHFA stated in official documents that Fannie Mae and Freddie Mac play a critical role in the U.S. housing finance system, providing stability and liquidity to the secondary market for residential mortgages through prudent standards, ensuring sustainable, long-term homeownership. Cryptocurrency is an emerging asset class that may provide opportunities for wealth accumulation outside of the stock and bond markets, but it has long been excluded from housing loan assessment criteria, only being considered in scenarios where it is exchanged for dollars before loan issuance. The FHFA believes that incorporating a more diverse range of asset classes will help assess borrowers’ reserve capacity more comprehensively and enhance the feasibility of sustainable homeownership for creditworthy borrowers.

As the regulatory body for these two companies, the FHFA has issued several directives: First, Fannie Mae and Freddie Mac must develop and submit a proposal to consider cryptocurrency as a category of assets that can be counted as reserves in their single-family residential loan risk assessments, and such assets must not be required to be converted into USD before the loan is settled, meaning they should be counted as reserves in their spot form; Second, the companies may only consider cryptocurrency assets for which asset certificates can be issued and stored by U.S. regulated centralized exchanges, and such exchanges must comply with all applicable laws and regulations; Third, when developing relevant assessment mechanisms, each company should comprehensively consider and introduce necessary risk mitigation measures, including but not limited to adjustments for market volatility, as well as applying sufficient risk-based adjustment factors to the proportion of cryptocurrency in reserve assets; Fourth, before implementing any institutional changes, companies must first obtain approval from their board of directors and then submit it to the Federal Housing Finance Agency for review.

Currently, the order has officially taken effect, and the FHFA requires Fannie Mae and Freddie Mac to accelerate research and implementation within a “reasonable and feasible timeframe.” However, the document does not disclose specific applicable scope, the list of currencies that can be included, the timetable for reforms, or details regarding legal and liability delineation, remaining in the early stages of policy exploration.

The introduction of this policy comes at a time when the U.S. housing market is facing multiple pressures. Constrained by a high interest rate environment and insufficient housing supply, mortgage issuance in the U.S. dropped to nearly a historical low in the first quarter of 2025. Refinancing business is sluggish, with first-time homebuyers accounting for only 30% of total sales in May, far below the historical average of 40%. The national homeownership rate has fallen to 65.1%, the lowest level since 2020. Increasingly, young people are delaying their home-buying decisions, having to choose to rely on their parents or postpone home-buying decisions in a high-rent environment.

As the two key government-sponsored enterprises (GSEs) in the U.S. housing finance system, Fannie Mae and Freddie Mac have the primary mission of providing liquidity to the U.S. mortgage market and stabilizing the market by purchasing and securitizing loans, jointly ensuring approximately half of the housing loan market in the United States.

Therefore, this move by the FHFA is viewed by the outside world as a breakthrough strategy aimed at alleviating structural issues, especially considering the increasing popularity of crypto assets among young people in the United States. Enhancing their participation in home buying is expected to invigorate the currently sluggish market. (Related reading: “Financial Rebellion of Young Americans”: Betting on MEME to turn around, meme coins related to satire culture become popular)

Supported by a chorus of crypto bigwigs, the director is an early supporter of Bitcoin.

“This will be one of the most important things I have done during my tenure,” Pulte said.

The new policy from the FHFA has quickly sparked widespread attention and discussion within the crypto community, with supporters including “crypto king” David Sacks and Strategy founder Michael Saylor expressing their support, believing this is another important turning point for crypto assets to move towards mainstream finance.

“Congratulations! Future generations will remember this moment, as Bitcoin officially integrates into the ‘American Dream’. Bitcoin has been recognized as a reserve asset by the U.S. housing finance system, marking a milestone in institutional adoption of Bitcoin as collateral,” Michael Saylor commented.

Famous investor Anthony Pompliano pointed out that Fannie Mae and Freddie Mac now allow borrowers to include Bitcoin and crypto assets as part of their asset verification when applying for a mortgage. He believes this reform should have been implemented long ago and thanks Pulte for facilitating this historic progress.

Real estate investor Grant Cardone pointed out that Bitcoin entering the real estate sector will disrupt traditional real estate investing and, more importantly, address many long-standing pain points in the industry. This transformation will completely revolutionize the investment methods from simple single-family home ownership to complex commercial real estate. Under Pulte’s leadership of Fannie Mae and Freddie Mac, and the directive from Trump to make the U.S. a global crypto hub, the transformation is accelerating.

Bitwise CEO Hunter Horsley also emphasized, “Bitcoin is a high-quality collateral asset, and it can now be counted as an asset in mortgage applications. By 2025, cryptocurrencies are gradually moving towards the mainstream financial system.”

In fact, Pulte is a professional with an extensive background in the real estate industry. As the fifth director of the FHFA, officially appointed in March of this year by President Trump, Pulte’s term is five years. He is the grandson of William Pulte, the founder of the renowned American homebuilder Pulte Group. Pulte Group is one of the three largest homebuilders in the United States, having delivered over 800,000 homes and operating in 44 markets across 23 states. Before serving as the director of the FHFA, Pulte briefly served as a board member of Pulte Group.

At the same time, Pulte is also a supporter of cryptocurrencies. According to financial disclosure documents released by Pulte in February this year, he holds Bitcoin worth between $500,000 and $1 million and an equivalent value of Solana, as well as shares in Bitcoin miner MARA Holdings and GameStop.

Since 2019, Pulte has publicly supported Bitcoin multiple times, revealing that he holds 11 Bitcoins and views it as an important tool to help the world’s poorest people, especially those without bank accounts. “As a philanthropist, I want to promote the widespread adoption of cryptocurrency.” He also suggested paying attention to the trends of Bitcoin, gold, and silver.