Rep. Nancy Mace, U.S. Representative for South Carolina's 1st District | Official U.S. House headshot
Rep. Nancy Mace, U.S. Representative for South Carolina's 1st District | Official U.S. House headshot
Today, Representative Nancy Mace introduced the American Homeowner Crypto Modernization Act of 2024. This legislation aims to modernize the mortgage credit evaluation process by incorporating assets held in cryptocurrency exchanges. The bill is co-led by Rep. Ro Khanna (CA-17).
The proposed act directs heads of agencies, including the Department of Housing and Urban Development, the Department of Agriculture, the Department of Veterans Affairs, and the Federal Housing Finance Agency, to update their automated mortgage underwriting programs within a 24-month period. These updates will enable mortgage lenders to consider cryptocurrency holdings when evaluating mortgage creditworthiness.
Representative Mace emphasized the potential impact of this legislation on housing affordability: "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."
For media inquiries, please contact Gabrielle.Lipsky@mail.house.gov
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