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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
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  "notes": "Includes IPO annotations for FNMA and FMCC. Data source: Company filings and Pershing Square estimates.",
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      "kind": "callout",
      "text": "We estimate that Fannie Mae can be fully recapitalized by year-end 2026, while Freddie Mac can be fully recapitalized one year later",
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      "kind": "title",
      "text": "New Private Capital Raises",
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