Mortgage Giant Fannie Mae Will Soon Accept Crypto-Backed Homebuying Loans [View all]

Source: Yahoo Finance

Fannie Mae (FNMA) is set to soon begin accepting cryptocurrency-backed mortgages, according to an announcement on Thursday from mortgage originator Better Home & Finance (BETR) and the crypto exchange Coinbase Global (COIN).

Shares in Better Home surged by as much as 12% after the announcement before pulling back slightly, while Coinbase traded down by roughly 1.1%. Mortgage-backed securities giant Fannie Mae slid by roughly 4.6% in the over-the-counter market, according to Yahoo Finance data.

A new product launched by the two companies will allow individuals to originate mortgages with Better Home that conform to Fannie Mae standards while using bitcoin (BTC-USD) or USD Coin (USDC-USD) as collateral for the loan, the companies said in a press release on Thursday.

Read more: https://finance.yahoo.com/news/mortgage-giant-fannie-mae-will-soon-accept-crypto-backed-homebuying-loans-150436761.html