With the mortgage market shrinking at an ever-increasing rate and consolidation now a mainstay of the sector, observers are keenly aware of this week's presidential election and what a sea change in government might mean for MBS and the housing market at large.

The general consensus seemes to be that the choice of a president is not nearly as important for the mortgage market as the constituency of the two houses of Congress, and the real determining factor would be whether there would be a unified or divided government next year.

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