For instance, from [here](http://maggiesensei.com/2010/04/24/request-
lesson-%E3%81%A8%E3%81%84%E3%81%86toiu-%E3%81%A8%E3%81%84%E3%81%86%E3%81%93%E3%81%A8%EF%BC%88toiukoto-
and-many-more/):

> あれだけ勉強｛べんきょう｝したのに試験｛しけん｝に失敗｛しっぱい｝したというのは信｛しん｝じられない。

with the meaning of

> I can’t believe (the fact) that I failed the exam after studying so much.

Is there a difference between that and this?

> あれだけ勉強｛べんきょう｝したのに試験｛しけん｝に失敗｛しっぱい｝したのは信｛しん｝じられない。

My understanding is that it remains gramatical since the の acts as a noun, and
the verb clause before that modifies the の. Would it be fine to view them both
as interchangable?
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question
grammar
Difference between ～というのは～ and ～のは～