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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
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  "authorName": "William Ackman",
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  "presentationDate": "2014-05-05 00:00:00",
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  "notes": "The slide highlights the regulatory mandate by FHFA to increase G-fees to encourage private sector competition.",
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      "kind": "callout",
      "text": "FHFA has mandated that Fannie and Freddie increase their g-fees to enable the private sector to compete",
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      "text": "The GSEs' earnings will grow significantly when MBS issued at higher g-fees levels comprises a larger proportion of the portfolio",
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      "text": "Fannie Mae Single-Family G-fees for New MBS and Portfolio Average G-fees (bps)",
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      "text": "G-fees: 60",
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      "text": "Source: Company filings. Note: Bps relative to guarantee portfolio. Fannie Mae used as an illustration, but Freddie Mac follows a similar trend.",
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      "text": "The Recent Increases in G-fees Have Boosted Profits",
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