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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA/FMCC)",
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  "authorName": "William Ackman",
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  "notes": "The chart uses a waterfall-like comparison to show that proposed capital (2.5%) and total resources (4.3%) significantly exceed historical crisis losses.",
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      "text": "2.5% of equity capital would imply Claims Paying Resources of $286bn, over 10 times the cumulative losses in the GSEs' single-family guarantee business during the financial crisis, based on our estimates of actual credit losses excluding subprime and Alt-A MBS",
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      "text": "Set Appropriate Capital Requirements (Cont.)",
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