Fannie Mae to accept crypto-backed mortgages through Better Home and Coinbase product
The Facts
- Fannie Mae will soon accept crypto-backed mortgages for the first time through a new product tied to Better Home & Finance and Coinbase.
- The new mortgage product lets qualified borrowers pledge Bitcoin or USDC as collateral for a down payment instead of selling those assets.
- The mortgage itself remains a standard conforming loan backed by Fannie Mae, while the crypto is used for a separate down-payment loan.
- Better Home & Finance will originate and service the mortgages, and Coinbase will provide the crypto-collateral infrastructure.
- The companies said the product is intended to help homebuyers who want to keep their crypto holdings rather than liquidate them for a home purchase.
- News of the announcement was followed by a rise in Better Home shares and declines in Coinbase and Fannie Mae shares in the market data cited by reporters.
Context
Is this the first crypto-backed mortgage product in the U.S.?
No. Several reports say crypto-backed mortgage products already existed, but this is the first one to be accepted by Fannie Mae Investing.com,CNBC,WSJ.
What assets can borrowers use in the new product?
The reports say borrowers can pledge Bitcoin or USDC, a dollar-pegged stablecoin, as collateral for the down payment Aol,Reuters,Cointelegraph.
Why would a borrower use crypto instead of cash for a down payment?
The structure lets borrowers keep their crypto holdings intact rather than selling them, which the sources say may help them avoid a taxable event and stay invested Reuters,Bloomberg Business,Fortune,CoinDesk.
The receipts — 81 sources
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