Rep. Mace Introduces Bipartisan American Homeowner Crypto Modernization Act of 2024
“Game-changer for individuals facing barriers to homeownership”
(Washington D.C.) – RealEstateRama – Marks a significant stride towards the future of homeownership as Representative Nancy Mace introduces the American Homeowner Crypto Modernization Act of 2024. This pioneering legislation not only embraces the burgeoning realm of cryptocurrencies but also ensures the mortgage credit evaluation process reflects the evolving financial landscape. The bill is co-lead by Rep. Ro Khanna (CA-17).
At its core, the American Homeowner Crypto Modernization Act of 2024 seeks to modernize the mortgage credit evaluation process by requiring agencies to update their underwriting programs, guidelines, standards, and systems. By including consideration for assets held in brokerage accounts associated with cryptocurrency exchanges, this bill opens doors for aspiring homeowners, particularly those who have invested in digital assets.
Under this bill, heads of covered agencies, including the Department of Housing and Urban Development, the Department of Agriculture, the Department of Veterans Affairs, and the Federal Housing Finance Agency, will be directed to modernize their automated mortgage underwriting programs within a 24-month period. With these updates, participating mortgage lenders will be empowered to recognize the value of cryptocurrency holdings when evaluating mortgage creditworthiness.
Representative Mace highlighted the potential of this legislation in addressing the affordability crisis:
“This is a game-changer for individuals facing barriers to homeownership,”said Rep. Mace. “This legislation not only fosters financial inclusion but also promotes economic resilience by diversifying the pool of homeowners. By expanding access to mortgage financing, the American Homeowner Crypto Modernization Act of 2024 contributes to a more robust and equitable housing market, benefiting communities nationwide.”
This legislation not only fosters inclusivity but also celebrates the growing influence of cryptocurrencies in mainstream finance. It exemplifies Representative Nancy Mace’s commitment to embracing innovation and ensuring that all Americans can benefit from emerging financial technologies.
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