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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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      "kind": "callout",
      "text": "Fannie and Freddie facilitate widespread access to the 30-year, prepayable, fixed-rate mortgage at a low cost",
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      "text": "The high level of liquidity for GSE MBS lowers mortgage interest rates",
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      "text": "Long-term, fixed-rate financing: Lenders are willing to originate a high proportion of long-term, fixed-rate mortgages because they can be converted into liquid investment securities that can be retained or sold",
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      "text": "Widespread access to credit: The global capital markets provide a much larger and more consistent amount of credit than local lending institutions",
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      "text": "The GSEs Allow for the 30-year Mortgage",
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