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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
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  "authorName": "William Ackman",
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      "text": "Even if new participants were able achieve the GSEs' economies of scale, they will not cover their cost of capital at current g-fee levels and a 10% capital requirement",
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      "text": "G-fees, and in turn, mortgage rates, would need to be as much as 160bps higher to deliver economic returns for new participants with significant economies of scale.",
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      "text": "Source: Company filings and Pershing Square estimates. Note: Interest income on capital assumes required capital invested at 3% interest rate based on 10-yr UST",
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      "text": "Based on the GSEs' cost structure",
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      "text": "Returns are Uneconomic for New Participants (Cont.)",
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