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The new US bill aims to include digital assets in mortgage assessments to enhance home buying opportunities for young people.
On July 29, Cynthia Lummis, the proposer of the "Bitcoin Strategic Reserve Act" and chair of the Senate Banking Committee on Digital Assets, introduced the "21st Century Mortgage Act" today. This act requires Fannie Mae and Freddie Mac to consider digital assets recorded on the Distributed Ledger when assessing the eligibility for single-family residential mortgages, and they are not allowed to mandate the conversion of these digital assets into US dollars. The goal of this act is to improve access to housing loans for the younger generation by recognizing digital assets as a wealth assessment metric.
On June 26, the Director of the Federal Housing Finance Agency (FHFA), Pulte, posted on social media: "After research and in line with President Trump's vision of making America the capital of cryptocurrency, today I have directed Fannie Mae and Freddie Mac to prepare for business and recognize cryptocurrency as an eligible asset for mortgage applications."