Senate Democrats Challenge FHFA Over Crypto Mortgage Proposal

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2025-07-28 12:31:18

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Five Senate Democrats, led by Jeff Merkley, are pressing the U.S. Federal Housing Finance Agency (FHFA) on its recent directive to Fannie Mae and Freddie Mac to explore incorporating cryptocurrency into mortgage underwriting. The lawmakers, including Elizabeth Warren and Bernie Sanders, warn that the move could destabilize the housing market and expose consumers to undue risks.

In a letter to FHFA Director William Pulte, the senators demanded clarity on the agency's risk assessment framework, citing crypto's price volatility, fraud potential, and lack of traceability as threats to mortgage affordability and financial system integrity. Current policy prohibits lenders from considering unconverted crypto assets in loan evaluations—a safeguard the proposal might undermine.

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