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  "docSlug": "73d490b5bd52",
  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-05-05 00:00:00",
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      "kind": "callout",
      "text": "The GSEs' credit guarantee is structurally senior to the borrower's home equity",
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      "text": "If the mortgage defaults, home prices would need to decline by more than 25% for the mortgage guarantor to suffer a loss",
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      "text": "Illustrative Example of GSE Guarantee on 75% LTV Mortgage",
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      "text": "As home values increase over time and mortgages amortize, the borrower's equity increases and the GSEs' credit guarantee become even lower risk",
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      "kind": "title",
      "text": "Guarantee Business Model: Low Risk (Cont.)",
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