President Joe Biden announced Sunday that he is stepping out of the race for president. This follows a disastrous debate performance three weeks ago that spurred high-level calls from his own party to step aside.
In a letter posted on X on Sunday, Biden put an end to rumors and speculation that have been swirling since the debate on June 27. He also endorsed Vice President Kamala Harris.
“It has been the greatest honor of my life to serve as your President. And while it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term,” the statement said.
The Republicans just wrapped up their convention, formally nominating former president Donald Trump and vice president J.D. Vance to lead their party less than a week after Trump survived an assassination attempt. The Democrats will hold their convention in just under a month and the question now is whether delegates at that convention pledged to Biden will transfer seamlessly to Harris or whether we will see a “mini-primary” for other candidates.
The election takes place in 106 days and both parties are working to shore up votes amid a wild election cycle.
At HousingWire, we’re focused on how the election could impact the housing market and those working in it. To that end, we’re looking at how each party could approach:
Potential leaders at the Federal Reserve, the FHFA, the CFPB and the Department of Justice.
Regulation and enforcement of housing issues. This includes appraisal bias, fair lending concerns, the role of Realtors/NAR and more.
The continued conservatorship of the GSEs, Fannie Mae and Freddie Mac.
Economic policies that impact housing, including tariffs, taxes and incentives to build more housing.
There’s a lot at stake in this election for those in mortgage, real estate, title, appraisal, homebuilding, investing and housing policy. Our goal is to provide the full picture of news and information on housing-specific topics you won’t see anywhere else. We’ll be publishing several features this week on former and current housing leaders who are influential in each party. We’ll also continue our close coverage of the NAR real estate lawsuit settlements, federal incentives to spur homeownership and more.
Need a primer on some of the election-related issues above? Here’s some of our recent coverage:
CFPB Director Rohit Chopra on junk fees, the new AVM rule and more
Mark Calabria on housing and GSE conservatorship under Trump 2.0
What’s the DOJ’s endgame in NAR commission lawsuit settlements? Analysts weigh in
U.S. Treasury launches initiatives to boost housing supply
Five federal agencies finalize new guidance for appraisal reconsiderations
Logan Mohtashami on presidential housing topics, inflation and more
