{
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  "docSlug": "73d490b5bd52",
  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-05-05 00:00:00",
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  "notes": "The chart uses a split-view to contrast massive losses against a small capital requirement.",
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      "kind": "callout",
      "text": "The losses in the GSEs’ guarantee business during the financial crisis significantly exceeded their minimum capital requirements",
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      "kind": "chart",
      "text": "Cumulative Losses (Including Provisions) 2007-2011",
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      "text": "Minimum Capital Requirement (45bps)",
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      "text": "Cumulative Losses: $(138) bn",
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      "kind": "source-note",
      "text": "Source: Company filings and Pershing Square estimates. Note: Fully-taxed net income based on a 35% tax rate to remove the initial negative impact of the DTA valuation allowance and the subsequent positive impact of its reversal. Minimum capital requirement based on 45bps of average single-family guarantee portfolio during the period 2007 to 2011.",
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      "text": "Losses in Excess of Minimum Capital Levels",
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      "evidence": "The presentation proposes a solution to reform the GSEs, including increasing capital requirements and winding down their Fixed-Income Arbitrage business",
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