in front of

I`ve been translating a financial text from English to Polish and I`ve come across the use of the preposition `in front of' in an unfamiliar context. What does it mean in the following paragraph ?:
One part of that is the use of private mortgage insurance, which encourages the industry to attract additional private capital. In turn, the capital that is deployed will stand in a first loss position, in front of the GSEs and the taxpayers. We believe that will be a positive development for the market place.