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Pursuant to a congressional request, GAO discussed the Small Business Administration (SBA) 7(a) guaranteed loans secondary market, focusing on the: (1) benefits generally provided by secondary loan markets; (2) characteristics of the secondary market for federal government guaranteed mortgage loans; and (3) characteristics of the guaranteed 7(a) secondary market in relation to those of the Government National Mortgage Association (Ginnie Mae) mortgage-backed securities (MBS) secondary market.

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