They don't compete economically, but they DO compete to maintain a certain share percentage in order to create a perception that they are an effective player. You seem to have a certain level of experience in the private sector. It might be that I have a certain amount of experience in the public sector, and therefore we are accustomed to use similar terms to describe different things. BTW I am old enough to remember Ginnie Mae, but we ought not get too deep lest we bore the community. BTW I do believe that the public sector played a role in the NINJA loan fiasco, but you seem financially sophisticated enough to realize that private sector was equally culpable. Don't deny it because you are butthurt over me insulting your boy Adolf.