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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA/FMCC)",
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  "authorName": "William Ackman",
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  "notes": "This slide acts as a counter-balance to a broader argument about limiting benefits, specifically identifying which ones are deemed essential.",
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      "text": "20% risk weighting for GSE MBS (vs. 50% for private label MBS)\nAppropriate in light of lower risk and higher liquidity of agency MBS; also raises demand for agency MBS and thus lowers mortgage costs",
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      "text": "No requirement for information disclosure underlying securities ratings\nFacilitates the TBA market by making different MBS issuances more liquid and fungible",
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      "text": "Limit Government-Granted Benefits (Cont.)",
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