FHFA Embraces Litecoin: Cryptocurrencies Qualify for Mortgages as an Asset
Today the Federal Housing Finance Agency (FHFA) Director William Pulte signed an order allowing cryptocurrencies including Litecoin to be recognized as assets for single family mortgage applications without needing to be converted to US dollars. This move supports President Donald Trumps goal to make the United States the global hub for cryptocurrency. Pulte stated "After significant studying I ordered the Great Fannie Mae and Freddie Mac to prepare their businesses to count cryptocurrency as an asset for a mortgage."
Previously Fannie Mae and Freddie Mac required crypto holdings to be exchanged into dollars and held in banks to qualify for mortgage eligibility. Now digital currencies like Litecoin, Bitcoin and others can be directly considered part of a borrowers financial portfolio. This change could help the roughly 65 million Americans about 20 percent of the population who own cryptocurrencies.
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