The head of the federal government agency that oversees Fannie Mae and Freddie Mac wants the mortgage giants to consider accepting a homebuyer’s cryptocurrency holdings in their criteria for buying mortgages from banks.
Now you can pay your McMansion with McDollars and help bring about the next subprime mortgage crisis.
The thing with cryptocurrencies is, if you create it out of thin air, mine it, hawk it or hoard it, you’re a “crypto investor” - i.e. a swindler - and you can be said to be making good financial decisions - albeit not very moral ones - since you’re probably making money out of the scam. However, if you buy or spend crypto and you think it’s an honest alternative to traditional currencies, you’re clearly a mark.
This mortgage thing puts anybody who goes for it squarely in the second category. Nobody who’s in on the scam would do it.
Can the consideration be “this person makes poor financial decisions”?
The thing with cryptocurrencies is, if you create it out of thin air, mine it, hawk it or hoard it, you’re a “crypto investor” - i.e. a swindler - and you can be said to be making good financial decisions - albeit not very moral ones - since you’re probably making money out of the scam. However, if you buy or spend crypto and you think it’s an honest alternative to traditional currencies, you’re clearly a mark.
This mortgage thing puts anybody who goes for it squarely in the second category. Nobody who’s in on the scam would do it.