FHFA directs Fannie, Freddie to consider crypto

William J. Pulte, the director of the Federal Housing Finance Agency, ordered Fannie Mae and Freddie Mac on June 25, 2025 to prepare proposals that would let the mortgage giants consider cryptocurrency as an asset in single-family loan risk assessments. The order was disclosed in a social media post by Pulte rather than in a standalone FHFA press release. The move put digital assets into a part of U.S. housing finance that has long relied on cash, securities and other more conventional reserves. Fannie Mae and Freddie Mac sit at the center of that system because they buy and guarantee large volumes of U.S. home loans. ### What, exactly, did FHFA tell Fannie and Freddie to do? June 25, 2025 is the key date. Pulte directed each enterprise to prepare a proposal for the “consideration of cryptocurrency as an asset for reserves in their respective single-family mortgage loan risk assessment,” according to accounts that quoted the order. Those accounts said the directive did not automatically rewrite underwriting rules on the spot; it told the companies to develop proposals for FHFA consideration. (tech.yahoo.com) The order also set limits. Industry and legal summaries quoting the directive said the enterprises were told to consider only cryptocurrency that can be evidenced and stored on a U.S.-regulated centralized exchange, subject to applicable law. ### Does this mean borrowers can now use Bitcoin to qualify for a mortgage? (blogs.duanemorris.com) Fannie Mae and Freddie Mac were not told to start accepting crypto immediately. The directive was for proposals, not an instant change to loan eligibility. Mortgage industry coverage said the rule would not take effect right away and that the enterprises first had to prepare their approaches for FHFA review. (bankingjournal.aba.com) The practical effect, if adopted, would be in reserves and risk assessment. Reuters reported the order could open the door for borrowers to use crypto investments to help qualify for home loans, but the text as described focused on how the enterprises assess borrower assets in single-family mortgage loan risk models. ### Why did the “without conversion to U.S. dollars” line get attention? (mortgageresearch.com) The phrase “without conversion of said cryptocurrency to U.S. dollars” was the most closely watched detail in the order. That language suggested FHFA wanted the enterprises to examine crypto as a distinct asset class in reserve calculations, rather than only after liquidation into cash. (tech.yahoo.com) That said, the directive also called for risk controls. The same reports said Fannie Mae and Freddie Mac were expected to account for additional risk mitigants as part of any assessment, reflecting crypto’s volatility and custody issues. ### Why does FHFA have the authority to push this? The FHFA oversees Fannie Mae and Freddie Mac and acts as their regulator and conservator. (blogs.duanemorris.com) The agency says it is responsible for the supervision, regulation and housing mission oversight of the two enterprises. Pulte has led the agency since March 14, 2025, when FHFA says he was sworn in as its fifth director. FHFA also publishes legally binding orders for regulated entities. (bankingjournal.aba.com) Its orders page says such orders mandate action by a regulated entity. ### Where did this surface, and what should readers watch next? Bill Pulte announced the move in an X post, and subsequent coverage said the order was shared publicly through social media rather than through a separate FHFA news release. (fhfa.gov) FHFA’s public news pages available now do not show a matching standalone release in the search results reviewed for this story. (fhfa.gov) The next milestone is the submission of proposals by Fannie Mae and Freddie Mac to FHFA. Any formal adoption would likely appear through FHFA orders, statements, or enterprise selling-guide and underwriting updates rather than through the initial social media post alone. (fhfa.gov) (foxbusiness.com)