Blockchain home credit company Figure suspends business after total home credit loans exceed $ 1 billion

Figure Technologies, a San Francisco-based blockchain fintech company, has suspended the issuance of home equity credit loans (HELOC) loans. Figure shows that after the Federal Reserve implemented interest rate cuts, its application for home equity credit loans (HELOC) loans increased sharply, but the dysfunction of the mortgage bond market made it difficult for the company to price loans. Figure CEO Mike Cagney said, “The company has enough cash to continue the home loan business, but the uncertainty in the mortgage market and the problem of real estate investment trusts selling assets have caused the company to stop the loan.” Chain News previously reported that Figure announced the completion of the first blockchain-based asset securitization last month, and its Provenance blockchain-based home equity credit loan (HELOC) product has increased its loan volume by 300% since the Federal Reserve ’s interest rate cut last week At the same time, the total loan amount exceeded 1 billion US dollars.