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

PANews

On June 26, the Federal Housing and Finance Agency (FHFA) issued a milestone directive, formally requiring the inclusion of crypto assets in the mortgage asset appraisal system for the first time. Although the policy is still in its initial exploration stage and the specific details are not yet fully clear, the strategic significance of promoting cryptocurrencies to accelerate their move towards mainstream finance has sparked heated discussions in the crypto community.

It plans to list crypto assets as collateral for US mortgages, and many details are yet to be finalized

A few days ago, Federal Housing and Finance Director William J. Pulte posted on social media that the agency will conduct research on "the applicability of cryptocurrency assets in mortgage qualification assessment."

A few days later, Pulte issued another article announcing, "After in-depth research and in response to President Trump's vision of building the United States into the world's crypto capital, today I have ordered Fannie Mae and Freddie Mae to prepare to include cryptocurrencies in the scope of mortgage assets."

In its official documents, FHFA pointed out that Fannie Mae and Freddie Mae play a key role in the U.S. housing financial system, providing stability and liquidity to the secondary market for residential mortgages through prudent standards to ensure sustainable, long-term home ownership. Cryptocurrencies are an emerging asset class that may provide opportunities for wealth accumulation outside the stock and bond markets, but have not been included in the housing loan assessment criteria for a long time and can only be considered if they are converted to US dollars before loans are issued. FHFA believes that inclusion of more diverse asset classes will help to more comprehensively evaluate borrowers’ reserve capacity and enhance the feasibility of borrowers with good credit to achieve sustainable housing ownership.

As regulators of these two companies, FHFA has made several instructions: First, Fannie Mae and Freddie Mae must formulate and submit a proposal to study the inclusion of cryptocurrency as a category of asset that can be included in the reserve in their single-family residential loan risk assessment, and such assets shall not be required to be exchanged into US dollars before the end of the loan, that is, to be included in the reserve fund in spot form; Second, enterprises can only consider cryptocurrency assets that can be issued 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 enterprise should comprehensively consider and introduce necessary risk mitigation measures, including but not limited to adjustments to market volatility, and impose sufficient risk-based adjustment factors on the proportion of cryptocurrencies in reserve assets; Fourth, before implementing any institutional changes, enterprises must first obtain approval from their board of directors and then submit them to the Federal Housing and Financial Services Agency for review.

The directive has now taken effect, with FHFA requiring Fannie Mae and Freddie Mac to accelerate research and implementation within a "reasonably feasible timeframe." However, the policy remains in its exploratory stages, as key details—such as applicable scope, approved cryptocurrencies, implementation timeline, and legal liability frameworks—have yet to be disclosed.  

This move comes as the U.S. housing market faces mounting pressures. Amid high interest rates and a supply shortage, Q1 2025 mortgage originations hit near-historic lows. Refinancing activity remains sluggish, with first-time buyers accounting for just 30% of May sales—far below the historical average of 40%. The national homeownership rate has dipped to 65.1%, the lowest since 2020, forcing younger generations to delay purchases amid unaffordable rents or rely on family support.  

As government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac underpin roughly half of the U.S. mortgage market by providing liquidity and stabilizing loans through securitization. The FHFA’s policy is thus seen as a structural intervention, particularly given crypto’s growing adoption among younger Americans—a demographic whose increased participation could revitalize the stagnant market.  

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### **Crypto Leaders Rally Behind Policy; FHFA Director Is Early Bitcoin Advocate**  

*"This will be one of the most consequential actions of my tenure,"* declared Director Pulte.  

The policy has drawn immediate acclaim from crypto heavyweights, including "Crypto Czar" David Sacks and MicroStrategy’s Michael Saylor, who hailed it as a watershed moment for mainstream financial integration:  

- **Michael Saylor**: *"Future generations will mark this day—Bitcoin is now part of the ‘American Dream.’ Its recognition as collateral by the U.S. housing system is an institutional milestone."*  

- **Anthony Pompliano**: *"Fannie and Freddie now accept crypto assets in mortgage applications—a long-overdue reform accelerated by Pulte."*  

- **Grant Cardone** (real estate investor): *"Bitcoin will disrupt traditional real estate investing by solving chronic inefficiencies, from single-family homes to commercial properties."*  

- **Bitwise CEO Hunter Horsley**: *"Bitcoin is prime collateral. In 2025, crypto is going mainstream—one policy at a time."*  

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### **Pulte’s Background: A Trump-Appointed Real Estate Scion**  

Appointed by President Trump in March 2025 for a five-year term, Pulte brings deep industry credentials. The grandson of PulteGroup founder William Pulte—whose eponymous firm ranks among America’s "Big Three" homebuilders, with 800,000+ homes delivered—he briefly served on the company’s board before leading FHFA. His alignment with Trump’s vision to position the U.S. as the *"global crypto capital"* now fuels this transformative policy.  

At the same time, Pulte is also a cryptocurrency supporter. According to financial disclosure documents published in February, Pulte holds Bitcoin worth between $500,000 and $1 million and Solana of equivalent value, and also holds stakes such as Bitcoin miners MARA Holdings and GameStop.

In fact, since 2019, Pulte has publicly supported Bitcoin several times, revealing that it holds 11 bitcoins and regards it as an important tool to help the poorest people in the world, especially those who have "no bank accounts." “As a philanthropist, I want to drive widespread adoption of cryptocurrencies.” He also recommends focusing on the trends of Bitcoin, gold and silver.

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