Five Democrats of the US Senate investigated the head of the country’s housing financing agency regarding his plan to consider how to calculate the encryption in the approval of some real estate loans.
Senate members, led by Jeff Mercli, sent letter To the director of the Federal Housing Agency (FHFA), William Polly, on Friday, he is asked to explain his plan to “evaluate the potential risk and benefits of your request and its implications for the American housing market and the financial system.”
Senator Elizabeth, Warren, Chris Van Holin, Mazi Herono and Bern Sanders also participated in signing the letter, which asked Polly for August 7.
Last month, Pulte has ordered the Fannie Mae and Freddie Mac to prepare a proposal on how to consider encryption possessions in their risk assessments to obtain mortgage loans for one family, without transferring encryption into US dollars.
FHFA supervised the Fannie, or the Federal Mortgage National Association, Faridi Mac, Federal Mortgage Foundation for the Federal House, since 2008.
Fears raised on the risk of encryption were raised for home buyers
The Bolt’s plan “could” can expose unnecessary risks to consumers and constitute the serious safety and safety concerns of the American markets and financial markets. “
Under the current policy, they said that FANNIE MAE or Freddie Mac or any other source of real estate mortgages supported by the federal government does not allow lenders to think about the definitions of mortgage unless it is converted into US dollars for the first time.
Senators added that the encryption has historically seen high fluctuations and liquidity, which is concerned that borrowers who use encryption “” an increased risk may not be able to get out of the encryption site and convert to criticism at a price that would allow them to risk against the default threat of mortgage. “
Senate members said: “encryption is also undergoing the risk of increasing loss due to fraud, electronic breakthroughs, or material theft, which may leave homeowners vulnerable to the loss of their assets of encryption without little hope of recovery.”
Democrats say the system can conflict with interests
Senators added that they are also concerned about how FHFA, Fannie Mae and Freddie Mac are of conflicting interests for those who have relationships with encryption “can affect their proposals”, including President Donald Trump and his family.
Trumps is deeply involved in the encryption industry, with relationships with a trading platform with a distinctive symbol, stablecoin, coding mining and many codes that are not encrypted.
Senate members also took the goal of Pulte, saying that financial disclosures show that his wife carries up to two million dollars in Crypto, which “raises additional concerns about possible conflicts.”
They added that there is a “dangerous conflict”, as Pulte said that Fanny and Faridi Mac must obtain approval from their councils before moving forward with changes, but Bolt is the chairman of each organization, who also accused him of accumulating with “industry allies”.
Senate members want more clarity in the system
Senators also claimed that Polati’s order was mysterious and did not include any information about how Vanie and Faridy Mac develop a proposal, FHFA assessment of risks and benefits, or how the agency will collect reactions.
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They added: “The clarity in this system is crucial, given the previous FHFA failures to supervise the activity associated with encryption,” noting the banking crisis of 2023, where three banks collapsed “partially due to the risks posed by the coding of the encrypted currency.”
The group also noticed that Vanie May Find In 2021, the use of encryption and niches for deposits, payments or guarantees “the least attractive application” of Blockchain in the industry.
They asked Pulte to respond to a series of questions, including the participation of communications on encryption, the approval of the matter and how it will abandon conflict of interests, among other things.
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