When it was all said and done, the voters ushered in change forthe 2010 elections exactly as many pundits had predicted: a Houseof Representatives that had been swept into Republican control, aSenate whose Democratic numbers had been significantly eroded and apresident whose stature on the Hill had significantly weakened. Theresult: gridlock for at least the next two years.

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As the well-worn joke goes, Wall Street and Main Street prefer ado-nothing Washington. However, gridlock is too pat of an answer(although clearly the days of ambitious legislation for theDemocratic party and President Barack Obama are over with, for thetime being at least).

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Even with just the House under its control, the Republicans canaffect some changes. It will be a tricky dance, though, warnsAndrew Raines of Los Angeles law firm Raines Feldman LLP. For themost part, Republicans are favorably predisposed to the issues dearto the real estate industry’s heart, he says. “But they are alsohighly cognizant of the general populist disgust with Wall Streetand financial institutions. They will not want to be seen ascatering to this group too much.” In the more arcane issues,however, he foresees Republicans taking a freer hand.

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