MBANow: MBA SVP Bill Killmer on Midterm Elections, Policy Priorities

The Mortgage Bankers Association released a new MBANow video featuring MBA Senior Vice President of Legislative and Political Affairs Bill Killmer, who discusses the current atmosphere in Washington, the upcoming midterm elections and MBA policy priorities.  

The video can be viewed at https://www.youtube.com/watch?v=868xuO-1GSc&feature=push-u-sub&attr_tag=2OrNZUSiwF2pMuvp%3A6.                 

Autumn in Washington should prove to be very active, Killmer said, with a number of regulatory nominees–and a Supreme Court nominee–subject to Senate approval. Congress is also expected to address appropriations issues and a longer-term extension of the National Flood Insurance Program.  

“There still plenty of time for some regulatory issues, particularly in the House, although the Senate may take up the last wave package of regulatory items that have already passed the House,” Killmer said.  

With the midterm elections deciding the makeup of Congress for at least the next two years, Killmer noted “past is prologue,” suggesting that the House could flip to the Democrats, reflecting past post-presidential election trends.  

“Typically the party in power will see some erosion in the number of seats that they hold,” Killmer said. “There’s a general consensus that the House is definitely in play and that Democrats have a lot of momentum. And frankly, if you look at 40 targeted seats that are very competitive, and they’ve go to pick a couple dozen seats to gain control, that’s certainly doable-it’s not inevitable; there’s still a long time between now and November and a lot of dollars will be spent to see what shakes out.”  

A Democratic-controlled House, Killmer added, raises new issues for the real estate finance industry. “Who’s going to be in leadership? Who’s going to be chairman of the House Financial Services Committee–likely Maxine Waters from California–and depending on the margin of majority that Democrats have, her agenda will certainly be very focused on oversight of some financial institutions and less of a regulatory emphasis with Republicans in power. But there will definitely be issues that we can work on–GSE reform, which she has certainly cited as a priority; protecting FHA and its counter-cyclical role in housing; so that’ll be a challenge.”   Other videos in the MBANow series can be viewed at the MBANow website: https://www.mba.org/get-involved/stay-connected/mba-now.