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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
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  "notes": "The slide uses a stacked bar chart to contrast massive losses against a small capital requirement bar.",
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      "kind": "callout",
      "text": "The losses in the GSEs' guarantee business during the financial crisis, when including $92bn of provisions, i.e. the accounting reserves for expected losses, significantly exceeded their minimum capital requirements",
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      "text": "The losses in the GSEs’ guarantee business during the financial crisis, when including $92bn of provisions, i.e. the accounting reserves for expected losses, significantly exceeded their minimum capital requirements",
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      "text": "Cumulative Losses (Including Provisions) 2007-2011 vs Minimum Capital Requirement",
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      "text": "Cumulative Losses: $(138)bn",
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      "text": "Source: Company filings and Pershing Square estimates. Note: Fully-taxed net income based on a 35% tax rate to remove the initial negative impact of the DTA valuation allowance and the subsequent positive impact of its reversal. Minimum capital requirement based on 45bps of average single-family guarantee portfolio during the period 2007 to 2011.",
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      "text": "Losses Including Provisions Exceeded Minimum Capital Levels",
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