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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 table uses a waterfall-style logic to arrive at net income from G-fees.",
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      "kind": "callout",
      "text": "At the current levels of g-fees and a historical level of credit losses, we estimate the GSEs' guarantee business alone could generate long-term earnings of $16bn",
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      "text": "Net Income: $16bn",
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      "kind": "paragraph",
      "text": "We estimate that the combined $100bn of warehouse mortgage loans will generate an additional $1bn of long-term earnings",
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      "text": "Source: Company filings, Pershing Square estimates. Note: Interest income on capital assumes required capital invested at 3% interest rate based on 10-yr UST",
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      "kind": "table",
      "text": "Fully-Taxed Net Income ($ in Billions) breakdown for Fannie Mae, Freddie Mac, and Total across G-Fees, Interest Income, Credit Expense, Admin Expense, Taxes, and Net Income.",
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      "kind": "title",
      "text": "Guarantee Business: Long-Term Earnings Power",
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