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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
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  "notes": "The slide uses pie charts to show the composition of capital, highlighting the role of 'Credit for Excess Payments' in meeting capital requirements.",
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      "kind": "callout",
      "text": "If the $25bn of excess payments were returned to Fannie and Freddie, Fannie would not need to raise any private capital, while Freddie’s capital raise would be much smaller",
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      "text": "Freddie Capitalization at 12/31/27",
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      "text": "Fannie Capitalization at 12/31/26",
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      "text": "Capital Ratio: 2.7%",
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      "text": "We do not, however, assume that the $25bn of excess payments are returned to Fannie and Freddie in our analysis",
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      "kind": "source-note",
      "text": "Source: Company filings and Pershing Square estimates.",
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      "kind": "title",
      "text": "The GSEs Have Paid an Extra $25bn to Treasury",
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