In a political landscape that has become surprisingly unpredictable, the mortgage and real estate finance industry finds itself navigating uncharted waters. As a new administration takes the helm, industry leaders and political analysts are scrambling to decipher the implications of a dramatic power shift that has left many long-held assumptions in tatters.
"We're now living in a Republican trifecta, and we need to be prepared for any outcome," declared Bill Killmer, senior vice president of legislative and political affairs at the Mortgage Bankers Association (MBA). This stark assessment set the tone for a discussion at the recent MBA CREF 2025 event, where industry insiders grappled with the realities of a political upheaval that few had anticipated.
The surprise of the election results was palpable among the panelists. Megan Booth, VP of CREF policy at MBA, admitted to being caught off guard: "When considering different scenarios, I predicted a 75% chance of a split government but was surprised by the overwhelming one-sided outcome". This sentiment was echoed by her colleagues, who had largely expected a more divided government to emerge from the electoral fray.
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The transition itself has proven to be as unconventional as the election that preceded it. Killmer noted the unprecedented nature of the change, citing its "speed, tone, and the number of executive orders issued.” This rapid-fire approach has left both industry leaders and opposition politicians struggling to find their footing in a dramatically altered political landscape.
As the dust settles, the MBA finds itself recalibrating its strategies to effectively operate within this new paradigm. Booth emphasized the importance of maintaining continuity amidst the chaos: "We need to continue doing everything we've been doing, despite the chaos. It's vital to maintain relationships with key agencies and stay engaged.”
This adaptive approach extends to educating new administration officials about the critical role of commercial real estate in the broader economy. "We're also working closely with groups like the FHA, SEC, and Treasury to highlight how important commercial real estate is to the economy—whether it's multifamily, office, or retail," Booth said.
As the industry braces for potential policy shifts, attention is turning to key appointments that could shape the regulatory landscape. Beyond the Federal Housing Finance Agency, Killmer highlighted the significance of the Federal Reserve, particularly Chairman Powell's advocacy for greater control. He also pointed to crucial sub-appointments at the Treasury and ongoing work in banking regulation as areas to watch.
See other coverage from this event.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
