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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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  "notes": "The chart uses a waterfall-style bridge to compare losses to capital.",
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      "kind": "callout",
      "text": "2.5% of equity capital, or ~$170 billion, to support ~$6.7 trillion of single-family guarantees would provide the GSEs with a fortress balance sheet with more than 5.5 times as much capital as historical levels",
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      "text": "Equity Requirement for Single-Family Guarantee Business ($ in billions)",
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      "text": "Capital Ratio: 2.5%",
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      "text": "2.5% of equity capital would amount to 6.2 times the cumulative losses in the GSEs' single-family guarantee business during the financial crisis, based on our estimates of actual credit losses excluding the elevated losses from subprime and Alt-A MBS",
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      "text": "Source: Company filings and Pershing Square estimates. Note: Capital ratios are based on the combined Fannie and Freddie 2024 single-family guarantee portfolio of $6.7 trillion. Adjusted Cumulative Losses (2007-2011) represents Fannie and Freddie’s cumulative fully-taxed net losses from 2007-2011, based on actual credit losses and excluding the elevated level of losses from subprime and Alt-A MBS.",
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      "kind": "title",
      "text": "1 Set Appropriate Capital Requirements (Cont.)",
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