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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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      "text": "Recent history demonstrates that the cost of private capital is pro-cyclical, while the rates on GSE MBS remain stable",
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      "text": "In early 2009, the interest rates on Freddie Mac’s 30-year, fixed-rate mortgages were nearly 200bps lower than the rates on mortgages of similar quality not backed by the GSEs",
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      "text": "Source: Bankrate and Freddie Mac as of 5/1/2014",
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