Fartcoin won’t help you buy a house unless it’s on Coinbase
Prospective home buyers could soon be approved for mortgages based on their bitcoin, ether, or even fartcoin holdings after the US Federal Housing Finance Agency (FHFA) ordered two of the largest mortgage buyers to consider crypto in their risk assessments.
Yesterday, FHFA Director William Pulte ordered government-sponsored mortgage buyers Fannie Mae and Freddie Mac to prepare a “proposal for consideration” that treats cryptocurrency as a legitimate asset for single-family loan risk assessments.
He claims the proposition aligns “with President Trump’s vision to make the United States the crypto capital of the world.”
The proposal would mean that crypto holders wouldn’t have to convert their crypto into US dollars in order to qualify for a mortgage loan.
Read more: How bond market helped push BTC to all-time high
It’s worth noting that only currencies traded and stored on US-regulated centralized exchanges are allowed, forcing self-custodying crypto users to move their funds. It also specified that both mortgage firms must consider “market volatility” and make “risk-based adjustments” when dealing with reserves of crypto.
Fartcoin in mortgage risk assessments
One outlandish side to this order is that memecoins, including Fartcoin, Doge, Donald Trump’s $TRUMP, and HarryPotterObamaSonic10Inu could all technically become a means of securing a mortgage if it’s approved.
Read more: Russian darknet marketplace launches memecoin on Solana
Users on X quickly picked up on this fact soon the platform was flooded with jokes about the absurdity of mortgage loans collateralized by Fartcoin.
One user said mortgages should be securitized and backed by Fartcoin in financial instrument called CFOs, or “Collateralized Fart Obligations.”
Another user described telling your mortgage agent about your “extremely liquid” seven-figure Fartcoin holdings that are “backed by pure gas.”
Regardless of the silly implications, the order would lower the threshold for crypto users getting a mortgage loan and avoid any unwanted tax bills from converting crypto assets into fiat.
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