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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 chart illustrates the collapse of the private-label mortgage market following the 2008 financial crisis.",
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      "kind": "callout",
      "text": "Private-label securitization nearly vanished as subprime and Alt-A loans have diminished",
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      "text": "Share of Mortgage Originations by Funding and Product Type Since 2003",
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      "text": "Source: Inside Mortgage Finance. Note: Mortgage origination share data is not additive. Private Label Securitization is based on the type of mortgage funding; Subprime & Alt-A are based on type of loan product.",
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