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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 table shows a hypothetical scenario analysis of GSE financial performance during the 2007-2011 period.",
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      "text": "At the current level of g-fees and a 2.5% equity ratio, the GSEs' guarantee business could have maintained a positive net worth while absorbing the same level of credit provisions (an accounting charge that represents an estimate of future credit losses) they incurred during the financial crisis",
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      "text": "At the current level of g-fees and a 2.5% equity ratio, the GSEs’ guarantee business could have maintained a positive net worth while absorbing the same level of credit provisions (an accounting charge that represents an estimate of future credit losses) they incurred during the financial crisis",
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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 and based on average equity during the 5-yr period.",
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