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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 uses a checkmark/cross matrix to justify a lower capital requirement for GSEs.",
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      "kind": "callout",
      "text": "The GSEs' guarantee business should have a lower capital ratio than banks and PMIs to reflect the lower risks they incur",
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      "text": "A 2.5% equity ratio is appropriate when benchmarked against the required capital levels for banks and private mortgage insurers",
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      "text": "Minimum Equity Requirement: 2.5%",
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      "text": "Source: Company filings and Pershing Square estimates. Note: Equity requirements for banks based on 50% risk-weighting for residential mortgage assets and 7-9% Tier 1 common equity ratio under Basel III. Private mortgage insurers based on the maximum 25:1 risk-to-capital ratio requirement of most states",
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      "text": "Significantly Increase Capital Requirements (Cont.)",
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