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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square",
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  "presentationDate": "2025-01-16 00:00:00",
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  "notes": "Uses a hub-and-spoke diagram to contrast a 'good' business line with a 'bad' one.",
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      "kind": "diagram",
      "text": "Fannie and Freddie branching into Guarantees and Fixed-Income Arbitrage",
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      "text": "Fixed-Income Arbitrage (FIA): Wound-down: ~$1.6 trillion assets at 2008 peak; Low-quality, high-risk; Did not serve a credible purpose for the mortgage market",
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      "kind": "list",
      "text": "Guarantees: Ongoing: ~$7.6 trillion guarantees, of which 88% are single-family; High-quality, low-risk; Serves a vital purpose for the mortgage market",
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      "text": "(1) Fannie and Freddie today hold ~$180 billion of investment assets on balance sheet, a large portion of which is related to warehousing of mortgage loans for future MBS issuances, as well as workouts of non-performing loans in prior MBS issuances.",
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      "kind": "title",
      "text": "Prior to the Great Financial Crisis, the GSEs Had Two Distinct Lines of Business",
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