{
  "docId": "019dd923-622c-750b-8b9b-8504406ade5c",
  "docSlug": "73d490b5bd52",
  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-05-05 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 71,
  "pageCount": 111,
  "prevPage": 70,
  "nextPage": 72,
  "slideType": "key_messages",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 0,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-8504406ade5c/71",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c#slide-71",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.88,
        "x": 0.06,
        "y": 0.0018
      },
      "kind": "callout",
      "text": "Private label securitization is unlikely to experience a resurgence in the near to medium term",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "550ffafb-5fe1-44a7-a086-d15920c86432",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.85,
        "x": 0.08,
        "y": 0.0033
      },
      "kind": "list",
      "text": "Painful memories of substantial losses on subprime and Alt-A will limit investor demand\nIncreased capital requirements under Basel III will discourage investment banks from issuing PLS\nRecent PLS have required issuers to retain subordinated tranches\nInvestors are unlikely to purchase subordinated tranches from issuers",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0b39d00b-8d81-494e-b1b5-a07d78ae1145",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.8,
        "x": 0.12,
        "y": 0.0068
      },
      "kind": "list",
      "text": "Even during the peak of private-label securitization, issuers were only able to sell subordinated tranches by selling them into CDO securitizations, which were improperly rated AAA by the rating agencies",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1ddcc9f0-456f-4870-980b-e4d6f68d64aa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Capital for PLS Will be Limited (Cont.)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e1694831-0d94-42ea-b9d5-04305f63d0da",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Logical chain",
      "slug": "logical-chain",
      "agent": null,
      "layer": "slide",
      "matchId": "00680914-b340-4602-9ecb-5044c92f94b6",
      "evidence": "Painful memories of substantial losses on subprime and Alt-A will limit investor demand",
      "confidence": 0.5
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 111,
      "from": 53,
      "beatId": "2ffdc109-c03c-4d79-bfbe-40c4d285ca05",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Impact & Next Steps",
      "beatSlug": "consultants-gambit-impact-next-steps",
      "evidence": "The presentation concludes with a discussion of the potential impact of the proposed solution and next steps for housing finance reform",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 111,
      "from": 32,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "198631e9-e687-442b-9dcb-9984e64d4f5c",
      "evidence": "The presentation emphasizes the potential costs to society of failing to reform the GSEs",
      "position": 0,
      "objective": "Highlight the risks of not reforming the GSEs",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.8,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}