Business briefs - June 26, 2025

Fannie Mae, Freddie Mac ordered to consider crypto as an asset when buying mortgages

The head of the federal government agency that oversees Fannie Mae and Freddie Mac wants the mortgage giants to consider accepting a homebuyer's cryptocurrency holdings in their criteria for buying mortgages from banks. William Pulte, director of the Federal Housing Finance Agency, which oversees Fannie and Freddie, ordered the agencies Wednesday to prepare a proposal for consideration of crypto as an asset for reserves when they asses risks in single-family home loans. Pulte also instructed the agencies that their mortgage risk assessments should not require cryptocurrency assets to be converted to U.S. dollars. Fannie and Freddie buy mortgages that meet their risk criteria, guaranteeing roughly half of the $12 trillion U.S. home loan market.

Europeans angry with Musk still aren't buying his cars as Tesla sales drop for fifth month in a row

NEW YORK (AP) — Tesla sales in Europe plunged for a fifth month in a row in May, a blow to investors who had hoped anger toward Elon Musk would have faded by now. The European Automobile Manufacturers' Association said the drop of 28% last month in 30 European countries came even as the overall market for electric vehicles expanded sharply. The poor showing comes after Tesla's billionaire CEO promised a "major rebound" was coming soon. Musk had angered Europeans by embracing far right-wing politicians in elections there. Investors dumped Tesla shares Wednesday, pushing the prices down 4% in early afternoon trading.

FDA requires updated warning about rare heart risk with COVID shots

WASHINGTON (AP) — U.S. health officials have expanded warnings about a rare heart side effect associated with the two leading COVID-19 vaccines. The Food and Drug Administration announced the update Wednesday, providing more detail about the problem and the number of people who may be affected. Pfizer and Moderna have added the information to their labels and pamphlets for patients. Myocarditis, a type of heart inflammation that is usually mild, emerged as a rare effect with the first COVID-19 shots, mainly in boys and young men. Earlier vaccine labeling advised doctors about the issue. The new warning covers a larger group.