FHFA tells Fannie, Freddie to consider crypto

William J. Pulte, the director of the Federal Housing Finance Agency, said on June 25, 2025 that he had ordered Fannie Mae and Freddie Mac to prepare proposals to consider cryptocurrency as an asset in single-family mortgage loan risk assessments. The directive surfaced publicly in a social media post and an image of the order circulated on X. FHFA’s website says agency orders are legally binding, but a crypto-specific order was not listed on the agency’s public orders page reviewed on May 18, 2026. That left the market with a signal from the regulator, but without a published implementation document on the agency site. ### What exactly did FHFA tell Fannie Mae and Freddie Mac to do? William J. Pulte said Fannie Mae and Freddie Mac should prepare their businesses to consider cryptocurrency as an asset for mortgage-related assessments, according to the June 25, 2025 directive described in multiple contemporaneous reports. The instruction was framed around single-family mortgage loan risk assessments rather than an immediate change to every underwriting rule. (fhfa.gov) FHFA oversees both enterprises, and Pulte has led the agency since March 14, 2025. FHFA says the regulator is responsible for supervision, regulation and housing mission oversight of Fannie Mae and Freddie Mac. ### How do the enterprises treat crypto now? Fannie Mae’s selling guide says virtual currency is acceptable for down payment, closing costs and reserves only after it has been exchanged into U.S. dollars. (tech.yahoo.com) The guide also says the dollars must be held in a U.S. or state-regulated financial institution and verified in U.S. dollars before closing. Freddie Mac’s seller-servicer guide lists cryptocurrency among borrower personal funds, including funds used to qualify the borrower and reserves. (fhfa.gov) The guide section shown in Freddie Mac’s public materials identifies cryptocurrency within the assets chapter, though the excerpt reviewed does not spell out the same conversion language visible in Fannie Mae’s guide. ### Does this mean borrowers can use Bitcoin directly to get a mortgage? (selling-guide.fanniemae.com) The June 25, 2025 instruction did not, on the record reviewed here, amount to a published nationwide rule change for lenders. Reuters reported at the time that the order could open the door to borrowers using crypto investments to qualify for home loans, but the step described was for Fannie Mae and Freddie Mac to prepare proposals. (guide.freddiemac.com) FHFA’s own public orders page did not show a crypto order in the materials available on May 18, 2026. That means the operational details lenders would need — including eligible coins, valuation methods, volatility haircuts, custody standards or documentation rules — were not visible in the public FHFA materials reviewed for this story. ### Why do Fannie Mae and Freddie Mac matter here? (tech.yahoo.com) FHFA said in its 2025 scorecard release that Fannie Mae and Freddie Mac provide more than $8.5 trillion in funding for the U.S. mortgage markets and financial institutions. Changes to what the enterprises recognize in borrower reserves can affect standards used across mortgage origination and secondary market delivery. (fhfa.gov) The 2025 scorecard also said FHFA uses the annual document to communicate priorities and expectations for the enterprises. That provides one route for the agency to push risk-management changes even before a broader formal rulemaking appears. ### Where would a borrower or lender look for the next concrete step? FHFA’s legal documents page and the enterprises’ public selling guides are the clearest places to watch for implementation. (fhfa.gov) FHFA says its orders are legally binding, while Fannie Mae and Freddie Mac publish detailed underwriting and asset-treatment requirements in their guides. As of May 18, 2026, Fannie Mae’s virtual-currency page still says crypto must be converted into U.S. dollars before closing, and Freddie Mac’s guide still houses cryptocurrency within its borrower-funds section. (fhfa.gov) Any next step would most likely appear as a posted FHFA order, a scorecard item, or a guide update from Fannie Mae or Freddie Mac. (selling-guide.fanniemae.com) (fhfa.gov)