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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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      "text": "The GSEs’ FIA business produced significant losses during the financial crisis despite heavy use of government-subsidized debt",
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      "text": "Pre-Tax Income for Fixed-Income Arbitrage Business from 2007 to 2011 ($ in Billions)",
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      "text": "Source: Company filings and Pershing Square estimates. Note: Based on Capital Markets segment for Fannie Mae and Investments segment for Freddie Mac.",
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