As I have also noted, their low cost of borrowing gives GSEs an advantage over market participants in profitably financing the acquisition of just about any market-priced asset (other than U.S. Treasuries), and it creates a strong incentive for these companies to look for new types of assets to acquire and to find new lines of business to enter.
Here I would like to add that with return of stability in the exchange rate, we have already unwound some of the restrictive measures in the OTC/ETD market and, in fact, gone further for hedging in the OTC markets (e.g. permitting hedging up to $ 250,000 without any documentation requirements).