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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA/FMCC)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2025-01-16 00:00:00",
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      "text": "The existing PSPAs should be modified to act as a government backstop, providing the same benefits as an explicit guarantee without the negative consequences",
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      "text": "Treasury’s total funding commitment under the PSPAs is $445bn(1)\nWe believe the full $445bn would be available for future draws if the Senior Preferred Stock is deemed repaid\nThe size of Treasury’s funding commitment makes it akin to an explicit guarantee from the perspective of an MBS investor\nAdditional ~5.5% of GSE assets & guarantees after 2.5% first-loss private capital\nTreasury would be paid a commitment fee in exchange for this support\nPriced as super-senior reinsurance that would only be drawn upon in the unlikely event the GSEs’ private capital is fully exhausted in a catastrophic financial crisis\nTerms of the Senior Preferred Stock would need to be modified\nPrivate capital raise is not feasible if Treasury can purchase a senior security with onerous terms at any time, which the GSEs have no ability to repay",
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      "text": "(1) Consists of total draws of $119.8bn at Fannie and $71.6bn at Freddie, and remaining funding of $113.9bn at Fannie and $140.2bn at Freddie per public filings.",
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      "text": "Clarify Nature of Government Backstop (Cont.)",
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