Crypto assets are included in US mortgage assessments for the first time, and the man behind it is actually an early Bitcoin supporter

Author: Nancy, PANews

On June 26, the U.S. Federal Housing Finance Agency (FHFA) issued a milestone directive, formally requiring for the first time that crypto assets be included in the mortgage asset evaluation system. Although the policy is still in the early stages of exploration and the specific details are not yet fully clear, the strategic significance of its role in accelerating the move of cryptocurrencies toward mainstream finance has sparked heated discussions in the crypto community.

Crypto assets are planned to be listed as collateral for US mortgages, and many details are yet to be finalized

A few days ago, William J. Pulte, director of the U.S. Federal Housing Finance Agency, posted on social media that the agency will conduct research on the "suitability of cryptocurrency assets in mortgage qualification assessments."

A few days later, Pulte announced again, “After in-depth research, and in response to President Trump’s vision of making the United States the world’s crypto capital, today I have ordered Fannie Mae and Freddie Mac to prepare to include cryptocurrencies as assets in mortgage loans.”

FHFA pointed out in the official document that Fannie Mae and Freddie Mac play a key role in the U.S. housing finance system, providing stability and liquidity to the secondary market for residential mortgages through prudent standards to ensure sustainable, long-term home ownership. Cryptocurrency is an emerging asset class that may provide opportunities for wealth accumulation outside the stock and bond markets, but it has long been not included in the housing loan assessment standards and can only be considered if it is converted into US dollars before the loan is issued. FHFA believes that the inclusion of more diverse asset classes will help to more comprehensively assess the borrower's reserve capacity and enhance the feasibility of sustainable home ownership for borrowers with good credit.

As the regulator of these two companies, FHFA issued a number of instructions: First, Fannie Mae and Freddie Mac must develop and submit a proposal to study the inclusion of cryptocurrencies as an asset class that can be included in reserves in their single-family home loan risk assessments, and such assets must not be required to be converted into U.S. dollars before the loan is completed, that is, they must be included in the reserves in spot form; second, companies can only consider cryptocurrency assets that can be issued asset certificates and stored by centralized exchanges regulated by the United States, and such exchanges must comply with all applicable laws and regulations; third, when formulating relevant assessment mechanisms, each company should comprehensively consider and introduce necessary risk mitigation measures, including but not limited to adjustments for market volatility, and applying sufficient risk-based adjustment factors to the proportion of cryptocurrencies in reserve assets; fourth, before implementing any institutional changes, companies must first obtain approval from their boards of directors and then submit them to the Federal Housing Finance Agency for review.

Currently, the order has officially come into effect, and FHFA requires Fannie Mae and Freddie Mac to speed up research and implementation within a "reasonable and feasible time frame." However, the document did not disclose the specific scope of application, the list of currencies that can be included, the reform timetable, or the legal and responsibility divisions, and is still in the early stages of policy exploration.

The policy comes at a time when the U.S. housing market is facing multiple pressures. Constrained by high interest rates and insufficient housing supply, U.S. mortgage issuance fell to near-historic lows 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. More and more young people are postponing their home purchase decisions, having to choose to rely on their parents or delay home purchase decisions in a high-rent environment.

As two key government-sponsored enterprises (GSEs) in the U.S. housing finance system, Fannie Mae and Freddie Mac's main mission is to provide liquidity to the U.S. housing mortgage market and stabilize the market by purchasing and securitizing loans. Together, they guarantee approximately half of the U.S. housing loan market.

Therefore, the FHFA's move is seen by the outside world as a breakthrough strategy to alleviate structural problems, especially considering the increasing popularity of crypto assets among young Americans. Increasing their participation in home purchases is expected to revitalize the current sluggish market. (Related reading: American young people's "financial rebellion": betting on MEME to turn things around, satirical cultural meme coins are popular )

The Director is an early supporter of Bitcoin and has received unanimous support from crypto experts

"This will be one of the most important things I've done since I took office," Pulte said.

FHFA's new policy quickly attracted widespread attention and heated discussions in the crypto circle. "Crypto Czar" David Sacks, Strategy founder Michael Saylor and others expressed their support, believing that this is another important turning point for crypto assets to move towards mainstream finance.

"Congratulations! Future generations will remember this moment when Bitcoin was officially integrated into the 'American Dream'. Bitcoin has been recognized as a reserve asset by the US housing finance system, which is a milestone moment for institutional adoption of Bitcoin and recognition as collateral." Michael Saylor commented.

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

Real estate investor Grant Cardone pointed out that the entry of Bitcoin into the real estate sector will subvert traditional real estate investment, and more importantly, solve many long-standing pain points in real estate. This change will completely revolutionize the investment method from simple single-family home ownership to complex commercial real estate. Under Pulte's leadership of Fannie Mae and Freddie Mac, and Trump's directive to promote the United States to become the global crypto center, the change is accelerating.

Bitwise CEO Hunter Horsley also emphasized that “Bitcoin is a high-quality collateral asset and can now be included as an asset in mortgage applications. In 2025, cryptocurrency is gradually moving towards the mainstream financial system.”

In fact, Pulte is a professional with a senior background in the real estate industry. As the fifth director of FHFA, who officially took office in March this year, Pulte was appointed by US President Trump for a five-year term. He is the grandson of William Pulte, the founder of Pulte Group, a well-known American residential construction company. Pulte Group is one of the three largest residential builders in the United States, and has delivered more than 800,000 homes, with business covering 44 markets and 23 states. Before serving as the director of FHFA, Pulte briefly served as a member of the board of directors of Pulte Group.

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

In fact, since 2019, Pulte has publicly supported Bitcoin many times, revealing that he holds 11 Bitcoins and sees it as an important tool to help the world's poorest people, especially those who "have no bank accounts." "As a philanthropist, I hope to promote the widespread adoption of cryptocurrencies." He also suggested paying attention to the trends of Bitcoin, gold and silver.