Fannie Mae and Freddie Mac Directed to Consider Cryptocurrency as an Asset for Mortgage Purchases
June 25, 2025 — By Alex Veiga, AP Business Writer
The Federal Housing Finance Agency (FHFA), the federal oversight body responsible for supervising mortgage giants Fannie Mae and Freddie Mac, has issued a new directive urging the agencies to incorporate cryptocurrency holdings into their evaluation criteria for purchasing mortgages from banks.
William Pulte, recently appointed FHFA director, issued an order on Wednesday requiring Fannie Mae and Freddie Mac to draft a proposal that recognizes cryptocurrency assets as valid reserves in their risk assessments for single-family home loans. This policy marks a significant shift in the treatment of digital assets within the mortgage industry, which has historically excluded unconverted cryptocurrency holdings from creditworthiness evaluations.
Under the new directive, the mortgage agencies are instructed not to require that crypto assets be converted into U.S. dollars when assessing borrowers’ assets. However, only cryptocurrencies that are held on U.S.-regulated centralized exchanges and comply with applicable federal laws will be eligible for consideration.
“This change aims to encourage banks to broaden how they assess borrowers’ financial profiles, potentially enabling more prospective homebuyers who hold digital assets to qualify for loans,” Pulte noted in his order, which took effect immediately.
The move acknowledges the increasing popularity of cryptocurrencies as alternative investment vehicles alongside conventional options like stocks and bonds. By integrating these holdings into mortgage evaluations, Fannie Mae and Freddie Mac intend to modernize their risk assessment protocols to reflect evolving market realities.
The agencies have been instructed to produce their proposals “as soon as reasonably practical,” signaling a swift response to changing financial landscapes.
Background: FHFA, Fannie Mae, and Freddie Mac
Fannie Mae and Freddie Mac play a critical role in the U.S. housing market by purchasing mortgages that meet certain risk standards from lenders, thereby providing liquidity and stability. These government-sponsored enterprises currently guarantee about half of the $12 trillion U.S. home loan market.
Both firms have remained under government conservatorship since the 2008 financial crisis and continue to be foundational components of the national economy.
William Pulte was sworn in as FHFA director in March 2025. Public records show that as of January 2025, Pulte’s spouse held significant cryptocurrency assets, including Bitcoin and the Solana SOL token, each valued between $500,000 and $1 million.
Implications for the Mortgage Industry
Traditionally, banks have only counted cryptocurrency assets in mortgage approvals after the digital tokens are sold and converted into dollars. This new guidance encourages financial institutions to develop frameworks that incorporate cryptocurrency holdings directly.
Experts suggest that by recognizing digital assets as legitimate reserves, more borrowers who have accumulated wealth through cryptocurrencies could gain easier access to mortgage financing.
As Fannie Mae and Freddie Mac prepare their formal proposals, the mortgage market and regulators will be closely watching how this emerging policy might reshape home lending criteria and borrower accessibility.
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