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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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  "notes": "The slide uses a historical narrative to support the thesis that private capital in this sector is inherently pro-cyclical and unreliable.",
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      "text": "The history of the PMIs illustrates private capital's pro-cyclical nature",
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      "text": "The history of the PMIs illustrates private capital’s pro-cyclical nature",
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      "text": "Started in the early 1900s when title insurance firms expanded into mortgage insurance\nBecame widespread during the real estate boom of the 1920s\nWent bankrupt or exited the business during the Great Depression\nGovernment was the sole mortgage insurance provider until MGIC entered the market in 1957\nBegan to expand again until collapsing again in the 1980s due to the savings and loan crisis and multiple regional real estate crises\nRelaunched in the 1990s and again expanded until collapsing during the financial crisis",
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      "text": "Capital from the PMIs Will be Limited (Cont.)",
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