FHFA told to consider crypto mortgages

The Federal Housing Finance Agency did not issue a new crypto-mortgage directive on May 22, 2026, based on publicly available FHFA materials reviewed Saturday. The underlying action traces to a June 25, 2025 order by FHFA Director William J. Pulte directing Fannie Mae and Freddie Mac to prepare proposals on how cryptocurrency assets could be considered in single-family mortgage risk assessments. Public FHFA pages reviewed Saturday did not show a fresh May 2026 press release or order announcing a new operational change. Fannie Mae’s published selling guide still says virtual currency is acceptable only after it has been exchanged into U.S. dollars and verified in a U.S. or state-regulated financial institution. ### So what actually happened, and when? June 25, 2025 is the date tied to the action that circulated again on X this week. Trade and consumer mortgage publications, citing an FHFA order signed by Pulte, reported that Fannie Mae and Freddie Mac were told to begin preparing for cryptocurrency to count as an asset in mortgage applications. (fhfa.gov) William J. Pulte has led the agency since March 14, 2025, according to his FHFA biography. FHFA says the agency oversees Fannie Mae and Freddie Mac and has served as conservator of both enterprises since 2008. ### Did FHFA tell lenders to start accepting crypto for mortgages right now? The order described by the mortgage publications did not amount to an immediate nationwide underwriting rewrite. Mortgage Research reported that the directive required the enterprises to “prepare a proposal for consideration” and said implementation could take months or longer. (mpamag.com) The same reports said the order was “effective immediately,” but in context that referred to the instruction to start preparing proposals, not to a same-day borrower-facing product launch. (fhfa.gov) FHFA’s public orders page says orders are legally binding, but the page reviewed Saturday did not show a separate May 2026 crypto order. ### What would change for borrowers if the proposals move forward? (mortgageresearch.com) Cryptocurrency in this discussion refers to reserves, not a direct crypto down payment. Mortgage Research said the contemplated change would let certain borrowers count eligible crypto holdings toward reserve requirements without first liquidating them into dollars. Fannie Mae’s current rule remains narrower. The company’s selling guide says virtual currency can be used for down payment, closing costs and reserves only after it has been exchanged into U.S. dollars, with documentation showing the source of funds and verification before closing. (mpamag.com) The guide also says virtual currency may not be used for earnest money on the sales contract. ### Which crypto assets were under discussion? (mortgageresearch.com) The 2025 order, as described by Mortgage Professional America, limited the concept to crypto assets that can be stored on a centralized exchange regulated in the United States. The report also said Fannie Mae and Freddie Mac would need to account for market volatility and make risk-based adjustments to the share of reserves made up of cryptocurrency. (selling-guide.fanniemae.com) FHFA’s fintech program says the agency studies technology-driven developments in housing finance and the risks tied to them. That provides the regulatory frame, but the agency page reviewed Saturday did not announce a completed crypto-reserve standard for the enterprises. ### Why did the story resurface this week? May 22, 2026 posts on X appear to have recirculated last year’s order rather than point to a newly posted FHFA action. FHFA’s news page and orders page reviewed Saturday showed no fresh public release matching the social-media framing of a new directive issued “yesterday.” (mpamag.com) Fannie Mae and Freddie Mac would need to publish or communicate proposal details before lenders could know how any new reserve treatment would work in practice. (fhfa.gov) As of Saturday, Fannie Mae’s live guide still reflected the existing U.S.-dollar conversion requirement, and FHFA’s public materials did not show a newer replacement policy. (selling-guide.fanniemae.com) (fhfa.gov)