00:00 Spokesman a
You can currently use cryptocurrency when buying a house, but it must be liquidated. So for advance payment it must be liquidated. Reservations must be liquidated. What Culti has called for and this is not yet effective, but he calls Fanny and Freddie to look at how they can use it as reserves without eliminating it, which is critical because every cryptocurrency I know never wants to eliminate.
00:45 Speaker b
Jennifer, I’m just curious why traditionally and you are in business for a long time, would crypto be excluded from signing frames? I mean traditionally, if it was, because people thought, listen, it’s too variable, there is not enough adjustment? What were the reasons?
01:21 Jennifer
I think the mortgage industry often moves more slowly. I also think that in the Grand Banking field there were a lot of names against Crypto, saying it is not a real money and a fad. But as we have seen with Blackrock to make crypto ETF, Chase now views the use of Bitcoin ETF as a collateral for loans. The attitudes have really changed and I think this is what leads to this, as is the president who goes out and says that he wants the United States to be the cryptocurrency of the world.
02:21 Speaker b
Do you, the actual effects of this, Jennifer, you know, to say that it is happening, would you imagine, well, will only have many potential hope that American home buyers who can qualify for a loan?
02:56 Jennifer
Yes, I think we are removing more barriers. You know that with regard to reserves, many people do not understand that in situations such as, say, this is a loan owned. Sometimes, if you have a higher income than a debt or something is not quite correct, more reserves can help approve this loan. I can currently have a borrower who has $ 100,000 in cryptocurrency, and unless they eliminate this, I can’t use it to strengthen them. So Fanny and Freddie, looking at a way to do it, will help people.
03:54 Speaker b
Do you think Jennifer, let’s say that the price of cryptocurrency falls, does that mean that the creditor will return to the borrower and say, hey, do you know, you have to put extra collateral here?
04:28 Jennifer
Oh, I want to say that it depends. If the loan has not yet closed, yes, we would pay attention to this theoretically. But we do not yet know what the guidelines and the safety rails will be on this. Will they treat all cryptocurrencies the same, or will it be something like just, you know, bitcoin, etherum, pulsation? You know, I think Trump said there are about five in which he looks at the United States in which he invests. Will this bind it? We do not yet know what the rules will be, so it is difficult to understand the risk. And this is what they study is how to do this in a safe way and still help people get into homes.
05:36 Speaker b
One question I heard, asks, Jennifer, I’m curious to take advantage of it. I have heard some people ask you, you have this kind of established mortgage system and how difficult it would be to integrate crypto into this, but only tactically and operatively. How about that?
06:05 Jennifer
I think what they are talking about at the moment is a simpler signing. So I don’t think it’s hard, because it will just be, uh, we saw this with limited stock income. We saw a lot of this in the technological sphere. This is just the way we look at it. Now, for example, if you started seeing these payments, instead of being liquidated by Crypto, people expected this to move from the stock exchange directly to Escrow. Yes, that would be a change. However, there are companies in this space to do this. So I think technology is moving so fast right now. These are not mortgage companies from years ago.