Housing Secretary Mel Martinez is seriously considering a run for the U.S. Senate seat in his home state of Florida, and if he decides to run it could have implications for RESPA reform.Secretary Martinez, who was accompanying President Bush on the president's visit to Florida, told the Orlando Sentinel that "I've just decided that I should be open to the possibility" of running. Republican political operatives have been urging the secretary to enter the race for over a year. The Democratic incumbent, Sen. Bob Graham, recently announced that he will not run for re-election. If the secretary throws his hat into the ring, industry observers believe it could give the secretary's RESPA reform proposal new life. Under this scenario, the White House would clear the way for the secretary to issue his rule to reform the mortgage application and settlement process. Reform of the Real Estate Settlement Procedures Act has been Secretary Martinez's main priority, and housing industry opposition to the rule might play well on the campaign trail.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry