Senator Lummis Introduces Bill to Let Crypto Count Toward Home Loans - Unchained

U.S. Senator Cynthia Lummis has introduced the 21st Century Mortgage Act, a mortgage reform bill aimed at modernizing the home loan eligibility process by including crypto in mortgage assessments.

The bill builds on a June directive from the U.S. Federal Housing Finance Agency (FHFA) to consider crypto assets in mortgage risk assessments, but codifies this directive into law to provide clear legal backing for lenders.

It aims to help borrowers use their stable digital assets, held for at least two years, as part of their financial profiles to qualify for mortgages.

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Lummis said the bill’s motivation stems from a need to address the homeownership crisis among young Americans, especially those under age 35.

“We’re living in a digital age, and rather than punishing innovation, government agencies must evolve to meet the needs of a modern, forward-thinking generation,” said Lummis.