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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA/FMCC)",
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  "authorName": "William Ackman",
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      "text": "The GSEs guarantee the timely payment of interest and principal on a ~$7.6 trillion portfolio of mortgage-backed securities",
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      "text": "Inherently simple insurance business model\nInsure mortgage-backed securities (\"MBS\") in exchange for premiums called guarantee fees (\"g-fees\")\nPayment is received upfront in exchange for the promise to pay potential losses incurred in the future\nLeveraged to positive long-term trends in the housing markets\nEnormous scale allows the GSEs to be the low-cost provider\nAsset-light, high-return-on-equity business model\nDoes not rely on funding from the capital markets\nDoes not require the use of derivatives",
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      "text": "portfolio size: $7.6 trillion",
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      "text": "Core Guarantee Business Model: High-Quality",
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