A new bill in the US proposes to alter mortgage processes by integrating cryptocurrency assets into borrower evaluations.
Overview of the Bill
Introduced by Rep. Nancy Mace, the bill aims to amend underwriting practices, allowing crypto assets stored in brokerage accounts to be included in financial evaluations.
Impact on Mortgage Lending
Currently, digital assets are largely ignored in assessments for mortgage eligibility, which focus primarily on traditional financial metrics like bank balance and tax records. If passed, the bill would permit lenders to assess Bitcoin and other cryptocurrencies.
Next Steps and Expectations
The bill has been referred to the House Financial Services and Veterans Affairs Committees and is in early stages. It must pass both chambers of Congress and be signed by the President to become law.
The proposed integration of cryptocurrency into mortgage applications could significantly affect the real estate market, particularly for younger, tech-savvy buyers.
