Arkansas Gov. Bill Clinton's record on housing in his home state and a favorable plank in the Democratic Party platform are good news to mortgage bankers. But the impact of an administration on interest rates will be the dominant factor in determining whether the housing industry will be revived.

The Carter administration came in with great ideas for housing, but soaring interest rates meant there was no fuel to fire the engine," said Angelo R. Mozilo, president of the Mortgage Bankers Association. Mozilo, who also is president and chief executive officer of Countrywide Funding Corp. in Pasadena, Calif., has been strongly critical of Bush administration housing policies. He has led a MBA effort to get both political parties to make a commitment to revive the nation's housing industry.

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