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      "kind": "callout",
      "text": "Unlike banks, the GSEs face low credit risk, do not take interest rate or liquidity risk, and do not guarantee jumbo and alternative mortgage products",
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      "text": "- Mortgage Bankers Association, 4/20/2017",
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      "text": "Insurance regulation is also more likely to see a stream of future premiums as a source of loss-absorbing capacity, and hence looks to be sure that pricing is sufficient to cover losses under all but the most catastrophic scenarios. In MBA’s proposal, with the Guarantors having only a minimal investment portfolio holding assets of short duration, insurance regulatory concepts may become more applicable than bank regulatory concepts.",
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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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