In a significant move to modernize U.S. housing finance, Senator Cynthia Lummis (R-Wyo.) introduced the groundbreaking 21st Century Mortgage Act on July 29. This legislation represents a pivotal step toward updating America's mortgage underwriting system for the digital age.
The bill specifically requires government-sponsored enterprises Fannie Mae and Freddie Mac to consider cryptocurrency and other digital assets when evaluating single-family mortgage applications. This forward-thinking approach acknowledges the growing role of blockchain-verified assets in Americans' financial portfolios.
At the heart of the legislation is a mandate for these entities to accept blockchain-verified assets as part of their underwriting process. For more detailed analysis on how this bill addresses crypto mortgage risk assessment for Fannie Mae and Freddie Mac, experts are examining the potential implications for both lenders and borrowers in this new financial landscape.
The 21st Century Mortgage Act could fundamentally transform how Americans access home financing by recognizing digital assets as legitimate components of financial profiles. As the housing market evolves to incorporate these innovative changes, this legislation positions the U.S. at the forefront of financial technology integration in traditional lending systems.