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  "docSlug": "73d490b5bd52",
  "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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      "kind": "callout",
      "text": "Recent proposals necessitate that the private sector provide as much as $500bn of first-loss capital to achieve the potential capital requirements for the existing ~$5 trillion GSE MBS portfolio",
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      "text": "By winding down Fannie and Freddie, the recent proposals eliminate the only sufficient source of private capital – the retention of the GSEs’ significant earnings power",
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      "text": "Private sector capital for new startups is unlikely and will be insufficient\nReturns are uneconomic for new participants at current g-fee levels\nPrecedent set by the net worth sweep will discourage private capital\nExisting private mortgage insurers (PMI) will not provide significant capital\nPrivate-label securitization (PLS) will not be a meaningful source of capital\nBanks will not significantly increase the amount of long-term, fixed-rate mortgages they retain on their balance sheets",
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      "text": "Private Sector Capital Will Not Be Sufficient",
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