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  "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 explicitly notes that this estimate excludes income from investing the float produced by the guarantee business.",
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      "text": "We estimate that the GSEs' combined long-term earnings power would be about $17bn at current g-fee levels",
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      "text": "We estimate that the GSEs’ combined long-term earnings power would be about $17bn at current g-fee levels",
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      "text": "Net Income: $17bn",
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      "text": "Our estimate of the GSEs' earnings power does not incorporate the additional income they can earn by investing the float produced by the guarantee business",
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      "text": "Source: Pershing Square estimates. Note: Based on current guarantee portfolio size and $100bn of mortgage loans used for warehousing. Assumes $100bn of mortgages loans generates $1bn per year.",
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      "text": "Fully-Taxed Net Income ($ in Billions) table showing Pre-Tax Income, Taxes, and Net Income for Fannie Mae, Freddie Mac, and Total.",
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