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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
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  "authorName": "William Ackman",
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  "presentationDate": "2014-05-05 00:00:00",
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  "notes": "The chart shows a transition from dividend-heavy payments to retained earnings for common equity.",
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      "kind": "callout",
      "text": "We estimate the GSEs could repay the $65bn remaining Treasury preferred in 3 years based on their earnings and ~$72bn DTA",
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      "text": "Fully-Taxed Net Income Projections ($ in Billions)",
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      "text": "Net Income: $186bn",
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      "text": "At current g-fee levels of 60bps, we estimate that the GSEs’ guarantee business and the runoff of FIA will generate $197bn over the next 10 years, allowing them to retain $186bn as capital after Treasury’s preferred stock dividends",
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      "text": "Source: Pershing Square estimates. Note: Net Income is taxed at a 35% rate because the DTA is included in common equity. Expenses include remittance to the Treasury of 10bps of g-fees for newly issued MBS from 2014 to 2022 for the Temporary Payroll Tax Cut Continuation Act of 2011.",
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      "text": "The GSEs Will Build Capital Quickly",
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