Core Viewpoint - Newrez is set to allow certain cryptocurrency holdings to be counted as qualifying assets in its mortgage underwriting process, potentially increasing access to home loans for borrowers with digital assets [1][4]. Group 1: Policy Change Details - The new policy will take effect in February and will apply to Newrez's non-agency products, including home purchases, refinancings, and investment properties [3]. - Eligible crypto holdings will include Bitcoin, Ether, spot exchange-traded funds backed by these assets, and U.S. dollar-pegged stablecoins, allowing borrowers to use these assets without liquidating them [4][8]. - The assets must be held with U.S.-regulated crypto exchanges, fintech platforms, brokerages, or nationally chartered banks, and valuations may be adjusted for market volatility [5]. Group 2: Market Context and Implications - The decision reflects changing investor behavior, particularly among younger buyers, with about 45% of Gen Z and Millennial investors holding cryptocurrency [6]. - This move aims to broaden access to homeownership for demographics that have faced challenges in entering the housing market [6]. - The policy aligns with ongoing discussions among U.S. policymakers regarding the integration of cryptocurrencies into mortgage risk assessments [7][8].

Core Viewpoint - Bill Pulte, head of the Federal Housing Finance Agency (FHFA), has been using his personal social media account to post official orders, raising concerns about the legality and transparency of such practices in the regulation of Fannie Mae and Freddie Mac, which are central to the $21 trillion residential mortgage market [2][4][15]. Group 1: FHFA's Communication Practices - Pulte has posted at least 13 official orders on his personal account since assuming his role in March, a practice that is unusual for the head of an agency that regulates major housing-finance companies [2][4]. - Previous FHFA leaders did not have a consistent standard for publishing orders, with some appearing in the Federal Register or on the agency's website, while others were circulated via email [3][9]. - Former FHFA officials expressed that they had not encountered orders being communicated through social media before Pulte's tenure [3][12]. Group 2: Legal and Regulatory Concerns - Legal experts have raised concerns about the legality of publishing directives on a personal social media account, questioning how stakeholders are expected to track changes that could impact lenders, investors, and tenants [4][14]. - Pulte's directive to consider cryptocurrency assets in mortgage underwriting has been highlighted as particularly controversial [10][18]. - The FHFA has not responded to inquiries regarding Pulte's social media posts, and there are implications that some of his posts may violate the Privacy Act [15][16]. Group 3: Impact on the Housing Market - The orders posted by Pulte, including those rolling back climate change and tenant protection requirements, have not been made available on any government websites [5][18]. - The National Association of Realtors has described some of Pulte's orders as not creating notable cost savings, indicating that they may not significantly impact the housing market [18]. - More critical to the future of Fannie Mae and Freddie Mac is the potential sale of part of the US Treasury's stake in these companies, which could generate billions for the federal government and affect their capital positions [19].