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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2014-05-05 00:00:00",
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  "notes": "The chart illustrates the expansion of GSE market share at the expense of other categories, with a notable temporary spike in Private-Label MBS leading up to the 2008 crisis.",
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      "kind": "callout",
      "text": "Over the last 30 years, Fannie and Freddie have had a growing presence in the mortgage market",
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      "text": "Share of Outstanding Residential Mortgages Held or Guaranteed Since 1980",
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      "text": "Source: Federal Reserve\nNote: GSEs includes Ginnie Mae",
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      "text": "The GSEs' Significant Historical Presence",
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