8  If GSE debt holders do not want to hold mortgage-backed securities directly because of interest rate and prepayment risks, other forms of collateralized mortgage obligations are available to meet their needs.
This has been a remarkably resilient development model, in combination with the Government’s consistently prudent approach to fiscal management and sustainable budgeting. However, beginning in the 2000s and, in particular, since the global financial crisis, the twin surpluses have not been so reliable, with recurring fiscal and external deficits.