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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 uses a grouped bar format to compare two entities over time.",
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      "kind": "callout",
      "text": "Fannie and Freddie's g-fees have averaged slightly more than 20bps for more than the last two decades",
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      "kind": "callout",
      "text": "Fannie and Freddie’s g-fees have averaged slightly more than 20bps for more than the last two decades",
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      "text": "Average G-fee on Guarantee Portfolio from 1990 to 2013 (bps)",
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      "text": "Average G-fee: 22",
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      "text": "Source: Company filings and Pershing Square estimates. Note: Based on single-family guarantees for Fannie Mae and Freddie Mac.",
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      "kind": "title",
      "text": "Low Guarantee Fees Prior to the Financial Crisis",
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      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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