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  "docSlug": "73d490b5bd52",
  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "conference-presentation",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-05-05 00:00:00",
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  "notes": "The slide uses a grouped bar chart to show the discrepancy between accounting provisions and actual realized losses, culminating in a cumulative comparison.",
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      "text": "Actual credit losses were ~$140bn less than provisions from 2007 to 2011",
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      "kind": "chart",
      "text": "Fannie and Freddie Single-Family Provisions and Credit Losses ($ in Billions)",
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      "text": "credit losses: $140bn",
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      "kind": "paragraph",
      "text": "However, much of the GSEs' losses were due to credit provisions, an accounting charge that represents an estimate of future credit losses. Actual credit losses were ~$140bn less than provisions from 2007 to 2011",
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      "text": "Source: Company filings\nNote: Combined Fannie and Freddie. Provisions and credit losses include foreclosed property expense.",
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      "kind": "title",
      "text": "Losses Exacerbated by Accounting Charges",
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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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      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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