Status Non Quo

In this report, we assess the impact of the election on the outlook for GSE reform.  We have long argued that fiscal impact is the determining factor for a GSE rewrite.  With the cliff looming before a re-elected President, more Senate Democrats and a still-stubborn GOP-controlled House, the deficit is an even more compelling policy driver.  It is, thus, the one we think determinative both of the Administration’s actions – action now harder to duck given FHA’s parlous condition – and of its timing – likely quicker than many now forecast.

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