The GSE credit risk-transfer program should expand and take into consideration what role it will play in the greater financial system, according to the authors of a new white paper published late last week by the Urban Institute. UI’s Laurie Goodman, Jim Parrott and Ellen Seidman, along with Moody’s Analytics Mark Zandi, said although the credit risk-transfer effort has come a long way in the three years since it was implemented, it still has a long way to go to reaching its full potential. The authors’ primary criticism is that the credit risk-transfer process is too limited. They said it focuses almost exclusively, on how various risk- sharing structures might effectively reduce the current risk to Fannie Mae and Freddie Mac.