Summary

Requires the two government‑sponsored mortgage companies to accept certain borrower holdings in digital assets as part of a borrower's reserves for single‑family mortgage underwriting without first converting them to U.S. dollars, so long as the assets are held in defined, regulated custodial arrangements. It also requires each company to apply risk‑based adjustments for volatility, liquidity, and concentration, and to obtain board approval and FHFA review before adopting or materially changing valuation or reserve‑assessment methods for digital assets.

• Allows borrower digital‑asset holdings (when in approved custody) to count as mortgage reserves without converting to U.S. dollars.
• Defines "digital asset" and sets limits on which digital items qualify.
• Requires a "qualified custodial arrangement" for assets to be eligible, limiting to U.S.‑regulated custodians or multi‑party arrangements under U.S. law.
• Mandates risk‑based adjustments for volatility, liquidity, and concentration when valuing digital‑asset reserves.
• Requires board approval and FHFA Director review before implementing or materially revising valuation or reserve‑assessment methods.
• Applies only to single‑family mortgage loan risk assessments at the two government‑sponsored enterprises.
• Does not provide new federal funding or change unrelated statutes.
• Creates operational, compliance, and valuation work for lenders, custodians, and the GSEs.