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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 financial model to argue that current g-fees are sufficient to cover historical loss rates, preempting arguments that higher capital requirements would make the business model unviable.",
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      "text": "At the current level of g-fees, the GSEs' guarantee business could have been profitable while absorbing the same level of actual credit losses they incurred in the guarantee business during the financial crisis",
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      "kind": "callout",
      "text": "At the current level of g-fees, the GSEs’ guarantee business could have been profitable while absorbing the same level of actual credit losses they incurred in the guarantee business during the financial crisis",
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      "text": "Avg. Credit Losses from 2007 to 2011",
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      "text": "Avg. Net Income: 0.1%",
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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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      "text": "Actual credit losses for the GSEs from 2007 to 2011 includes credit losses from subprime and Alt-A loans that will not be in their portfolios in the future",
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      "text": "Significantly Increase Capital Requirements (Cont.)",
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