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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
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      "text": "We believe the existing junior preferred can be left outstanding, refinanced, or converted to common on a negotiated basis",
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      "text": "Can potentially be converted to common stock on a negotiated basis: Maximum contractual recovery of par value; actual recovery may be slightly higher if converted to common stock; Opportunity to ensure all classes of stock are supportive of the restructuring",
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      "text": "We have assumed that the existing junior preferred is converted to common at the IPO price of each entity for modeling purposes",
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