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Mortgage

Democrats take control of the House

Maxine Waters to lead Financial Services Committee?

It’s official – Democrats took control of the House of Representatives.

Americans went to the polls on Tuesday, November 6, 2018, and now, as of 8:45 p.m., analysts called the race, giving the victory to the Democrats in the House of Representatives.

Many experts predicted that Democrats would take control of the House, and they needed to gain 23 seats to take control. Experts predicted Republicans would retain control of the Senate.

After winning just three seats, analysts called the night – saying the Democrats won.

This will mean several changes to House committees including replacing the current House Financial Services Committee Chairman Jeb Hensarling, R-Texas, who did not seek re-election this year. Now, as Democrats take control, Rep. Maxine Waters, D-Calif., could be stepping up to lead the committee.

What would the committee look like led by Waters? Some of her recent actions might give us a clue.

In September, Waters and 18 other members of Congress demanded the Federal Reserve maintain strong capital requirements for Global Systemically Important Banks.

Waters has also been a strong advocate for National Flood Insurance Program reform.

Later during the night, analysts called the race for the Senate, saying Republicans will retain control.

Click here to see live updates of the election as votes continue to flood in.

Other key election results include the new governor of Ohio. Republican Mike DeWine defeated former Consumer Financial Protection Bureau Director Richard Cordray. Cordray resigned from the bureau months before his term was set to end in order to run for governor

And Gateway Mortgage CEO Kevin Stitt, who announced he was running back in July 2017, won the race for governor of Oklahoma. 

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