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  "notes": "The chart demonstrates that credit losses were historically low except for the 2008-2012 period.",
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      "text": "The GSEs generated consistent profits and high ROEs at historical g-fee levels because of limited credit losses and limited capital",
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      "text": "Credit Losses for Single-Family Guarantees from 1990 to 2023 (bps)",
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      "text": "Source: Company filings and Pershing Square estimates.",
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