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      "text": "We do not believe the GSEs can earn an adequate return on capital to attract sustainable private investment at a 4% capital requirement unless g-fees are raised substantially",
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      "text": "To generate the large amount of private capital required to fund such a system, the Guarantor business model and expected returns through the cycle need to be attractive. That is, private investors in the Guarantors would have a reasonable expectation of a market rate of return on a risk-adjusted basis. To achieve this objective, investors would want to ensure that capital requirements are not too high, regulation and supervision is not too expensive, credit standards are sound and efforts to make housing more affordable do not impinge significantly on returns.",
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      "text": "“To generate the large amount of private capital required to fund such a system, the Guarantor business model and expected returns through the cycle need to be attractive. That is, private investors in the Guarantors would have a reasonable expectation of a market rate of return on a risk-adjusted basis. To achieve this objective, investors would want to ensure that capital requirements are not too high, regulation and supervision is not too expensive, credit standards are sound and efforts to make housing more affordable do not impinge significantly on returns.” — Mortgage Bankers Association, 4/20/2017",
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      "text": "- Mortgage Bankers Association, 4/20/2017",
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      "text": "Source: Mortgage Bankers Association white paper titled “GSE Reform: Creating a Sustainable, More Vibrant Secondary Mortgage Market”, April 2017.",
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      "text": "1 Set Appropriate Capital Requirements (Cont.)",
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