Peter Schiff Says Letting Homebuyers Use Bitcoin As A Down Payment Is A Horrible Idea, Calls It A Scam To Keep People From Selling Their Bitcoin [Yahoo! Finance]
Better Home - Class A (BETR)
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Source: Yahoo! Finance
Economist and market commentator Peter Schiff is criticizing a new crypto-backed mortgage product, calling it risky and misleading. The offering, now accepted by Fannie Mae, lets homebuyers use Bitcoin and other digital assets as collateral for a down payment without selling them. “Allowing homebuyers to pledge Bitcoin as a down payment on a mortgage is a horrible idea, as it substantially increases the risk for lenders,” Schiff wrote on X on Thursday. He warned that if Bitcoin crashes, “the down payment vanishes,” which increases both the likelihood of default and the potential loss during foreclosure. Allowing homebuyers to pledge Bitcoin as a down payment on a mortgage is a horrible idea, as it substantially increases the risk for lenders. If Bitcoin crashes, the down payment vanishes. That increases both the likelihood of default and the loss to the lender in foreclosure. — Peter Schiff (@PeterSchiff) March 26, 2026 Don't Miss: Instead of buying someone else's ETF, buil
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BETR
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