The window for legislative GSE reform seems to be shutting as we enter the 2020 political season. While Republicans in Congress were unable to move substantial reform legislation when they controlled both the House and Senate, some progress was made at the administrative level were proposals were introduced, and not automatically shunned by Democrats. While at this time it seems reform will remain narrow, with the most likely change being the capital rule, prospects for further action in 2021 seem even less likely. GSE reform in a Biden administration would be a non-priority, while House Financial Services Committee Chairwoman Maxine Waters (D-CA), a long time opponent of reform, will almost certainly retain the position for next Congress.  It’s also worth noting that the current financial distress our country is navigating may further delay administrative reform.  While the mortgage market has yet to hit severe turbulence, the long-term prospectus on the industry varies.