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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA/FMCC)",
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  "authorName": "William Ackman",
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  "notes": "The slide uses a comparison table to highlight risk profile differences between PMIs and GSEs.",
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      "text": "Private mortgage insurance is a very high-risk business, and is also an inappropriate benchmark when setting capital levels for the GSEs",
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      "text": "Minimum Common Equity Requirement: 5.6%",
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      "text": "Source: Company filings and Pershing Square estimates. (1) Private mortgage insurers based on the minimum 5.6% of performing primary adjusted risk-in-force ratio required by the GSEs' September 2018 Private Mortgage Insurer Eligibility Requirements (PMIERs).",
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      "text": "Traditional Mortgages; Credit Risk; High LTV; Guarantee 80-100% LTV Tranche; Jumbo & Alternative Mortgage Products; Minimum Common Equity Requirement",
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      "text": "1 Set Appropriate Capital Requirements (Cont.)",
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