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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 a significant contraction in the market value of PMIs, with a specific callout noting a 90% decline through 2012.",
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      "kind": "callout",
      "text": "The combined market cap of the private mortgage insurers that have operated continuously since 2000 has declined by 50%",
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      "text": "Source: CapIQ, as of May 2, 2014. Note: Years based on last day close. Does not included AIG's United Guaranty and Genworth because their businesses are not primarily focused on private mortgage insurance.",
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