In a short note released this morning, Standard & Poor's analysts said that they do not expect major changes in the short term from the election results, although today's results can affect the status of residential mortgage reform and covered bond legislation.

Royal Bank of Scotland (RBS) MBS analysts said recently that in terms of major reform packages such as those related to housing and the GSEs, the President will need Congressional approval in most cases to effect change. Analysts said that a divided Congress will probably be an obstacle regardless of who the final winner is.

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