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      "text": "If the PSPA commitment fee is too onerous, g-fees and mortgage costs would have to increase to allow the GSEs to earn an appropriate ROE",
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      "text": "Probability of a draw, credit quality, and impact on mortgage costs are important factors to consider when setting the PSPA commitment fee",
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      "text": "Substantial first-loss private capital makes a draw highly unlikely\nWhile there is no perfect comparable, we believe a commitment fee of ~25 basis points is conservative in light of available market benchmarks:",
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      "text": "(1) Average commitment fee grid for multiyear credit agreements signed in 2023 or 2024 by borrowers with at least an A- rating and a market cap of at least $100bn. (2) CDS spread for five tightest names in the Markit CDX North America Investment Grade Index as of January 10, 2025.",
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