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      "text": "Low liquidity risk because defaults do not immediately accelerate payments to MBS holders – the GSEs can pay scheduled interest and principal for up to two years before repurchasing delinquent loans\nLarge number of loans in portfolio limits concentration risk\nGeographically diverse portfolio mitigates the impact of regional economic fluctuations\nA nationwide housing downturn is rare\nA borrower’s equity in their home mitigates loss severity by serving as first-loss protection for credit guarantee\nBorrower’s equity decreases the likelihood of a default",
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      "text": "Single-Family Guarantee Business: Low-Risk",
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