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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 slide uses a bar chart to demonstrate the inverse relationship between g-fee levels and the time required to reach a specific capital ratio.",
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      "kind": "callout",
      "text": "At higher g-fee levels, we estimate that the GSEs could reach a 2.5% capital ratio in fewer than 7 years",
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      "text": "Years Required to Achieve 2.5% Equity Ratio",
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      "text": "Years to 2.5% Equity Ratio: 7 years",
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      "text": "Source: Company filings and Pershing Square estimates\nNote: Net Income is taxed at a 35% rate because the DTA is included in common equity.",
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      "text": "The GSEs Will Build Capital Quickly",
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