Jeff Merkley actually said...

So if I am an investor, would I not want to pay a higher price, if you will, for loans originated by community banks and credit unions where...

Well, and in essence, the investor was looking at pools that mixed the loans from many sources, so they did not have really a choice of disc...

I am trying to picture how this unfolded and I assume it was volume discounts and the competition between Fannie and Freddie.

I would just leave you with this thought. In order to do that, one has to have an understanding kind of what are the highest risk areas.