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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA/FMCC)",
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  "authorName": "William Ackman",
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  "presentationDate": "2025-01-16 00:00:00",
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      "text": "We believe releasing the GSEs from conservatorship could generate ~$300 billion for taxpayers, while maintaining the same availability and affordability of mortgage financing that exists today with the GSEs in conservatorship",
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      "text": "Releasing the GSEs from conservatorship does not require any action by Congress. Fannie and Freddie can each exit conservatorship as soon as they receive approvals from Treasury and FHFA",
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      "text": "The 2008 conservatorship was always intended to be temporary\nMeaningful progress was made during President Trump’s first term\nNet worth sweep suspended by Secretary Mnuchin in January 2021\nThe GSEs now hold $131bn of capital, up from effectively zero prior to President Trump, due to earnings retention facilitated by this suspension\nThe Biden administration has taken no meaningful action on the GSEs\nWe believe there is a clear path for Fannie and Freddie to become fully recapitalized and exit conservatorship within the next two years\nTreasury’s warrants are a hidden asset on the government balance sheet that we estimate could be worth more than $300bn over time",
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      "text": "taxpayer value: $300bn",
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      "text": "Fannie and Freddie: Situation Overview",
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