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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 broken y-axis (indicated by the tilde symbols) to accommodate the extreme negative values in 2008.",
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      "kind": "callout",
      "text": "However, the GSEs' guarantee business experienced extraordinary losses during the financial crisis",
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      "text": "However, the GSEs’ guarantee business experienced extraordinary losses during the financial crisis",
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      "text": "Pre-Tax Income for Single-Family Guarantee Segment ($ in Billions)",
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      "text": "Pre-Tax Income: $(65)",
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      "text": "Source: Company filings and Pershing Square estimates. Note: Freddie Mac did not disclose a separate guarantee segment prior to 2005.",
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      "text": "Large Losses During the Financial Crisis",
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