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First look: John Paulson's prescription for Fannie, Freddie

Seth Wenig / AP

First look: John Paulson, a hedge-fund billionaire famous for his lucrative short of the U.S. subprime mortgage market ("The Greatest Trade Ever"), recently talked exclusively to me from New York as he promoted a blueprint published Thursday, providing a reform prescription for Fannie Mae and Freddie Mac.

Paulson is a big investor in the two mortgage finance giants — also called government-sponsored enterprises, or GSEs.