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  "docSlug": "73d490b5bd52",
  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2014-05-05 00:00:00",
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  "notes": "The slide highlights the excessive leverage (6x) of risky assets relative to capital requirements.",
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      "kind": "callout",
      "text": "The GSEs' subprime and Alt-A investments amounted to ~6 times the minimum capital requirements of the FIA business at the onset of the financial crisis",
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      "kind": "callout",
      "text": "The GSEs' FIA business invested in subprime and Alt-A mortgage assets to generate a higher investment spread",
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      "kind": "callout",
      "text": "The GSEs’ subprime and Alt-A investments amounted to ~6 times the minimum capital requirements of the FIA business at the onset of the financial crisis",
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      "kind": "chart",
      "text": "Subprime and Alt-A Assets in the Fixed-Income Arbitrage Business ($ in Billions)",
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      "text": "Fannie Mae, Freddie Mac",
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      "text": "Subprime and Alt-A Assets: $236bn",
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      "text": "Source: Company filings and Pershing Square estimates. Note: Subprime and Alt-A MBS amounts based on unpaid principal balance. Minimum capital requirements based on 2.5% of the average of Fannie and Freddie's mortgage-related assets from 2006 to 2008.",
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      "kind": "title",
      "text": "FIA Risks Compounded by Purchasing Low-Quality Assets",
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