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  "documentTitle": "General Growth Properties (GGWPQ)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square",
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  "presentationDate": "2009-05-27 00:00:00",
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      "kind": "callout",
      "text": "Over the past decade, GGP was a significant issuer of CMBS with ~$15bn of CMBS debt. In mid-2008, the CMBS market shut down",
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      "text": "U.S. CMBS New Issuance Market ($ in billions)",
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      "text": "Source: Bank of America equity research.",
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      "kind": "title",
      "text": "The Problem",
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