Senator Cynthia Lummis Advocates for the 21st Century Mortgage Act
Senator Cynthia Lummis from Wyoming is actively advocating for her proposed legislation, the 21st Century Mortgage Act, aimed at alleviating obstacles faced by first-time home buyers. In a recent post on social media platform X, Lummis emphasized the growing issue of home affordability, especially for younger generations. She highlighted the potential for utilizing digital assets in mortgage applications as a key component of her proposal.
Incorporating Digital Assets in Mortgage Applications
In a video shared on August 24, Lummis reiterated her ambition to formally integrate the directive from William Pulte, the Director of the U.S. Federal Housing Finance Agency, which encourages Fannie Mae and Freddie Mac to explore the incorporation of cryptocurrency into their mortgage risk assessments.
“The vast majority of people who own digital assets are also first-time home buyers,”
she stated, stressing the financial strain many face in today’s housing market.
Lummis underscored that her initiative aims to allow applicants to count their digital assets towards their net worth when qualifying for loans, potentially making it easier for them to secure a mortgage. This legislative effort follows the introduction of her bill on July 29, which seeks to empower prospective homeowners to use cryptocurrencies from U.S.-regulated exchanges for assessment without converting them into U.S. dollars first.
Advocating for Modern Wealth-Building Approaches
“Many young people find the dream of homeownership increasingly elusive,”
Lummis remarked, advocating for a modern approach to wealth-building that recognizes the realities of digital asset ownership. She added that as society becomes more digital, government entities should adapt to foster innovation rather than hinder it. However, the challenge of ensuring the stability of cryptocurrencies in the mortgage market remains to be fully addressed as Lummis pursues this groundbreaking legislation.
