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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA/FMCC)",
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  "authorName": "William Ackman",
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      "text": "Fannie and Freddie’s failure during the GFC was exacerbated by two initiatives not core to their original charter – the FIA business, and their guarantee of subprime and Alt-A loans",
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      "text": "Fixed-Income Arbitrage (FIA): Low-quality, high-risk; Did not serve a credible purpose for the mortgage market",
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      "text": "Guarantees: High-quality, low-risk; Serves a vital purpose for the mortgage market",
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      "text": "(1) Fannie and Freddie today hold ~$180 billion of investment assets on balance sheet, a large portion of which is related to warehousing of mortgage loans for future MBS issuances, as well as workouts of non-performing loans in prior MBS issuances.",
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      "text": "Prior to the Great Financial Crisis, the GSEs Had Two Distinct Lines of Business",
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