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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": "Uses a testimonial/quote from industry associations to bolster the argument against change.",
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      "kind": "callout",
      "text": "The GSEs satisfy the needs of key market participants. Proposals to replace them with an untested system carry significant risk",
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      "text": "A key risk with recent housing finance proposals is that they will only demonstrate efficacy when we can least tolerate failure – during a severe housing downturn",
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      "text": "- Credit Union National Association, Independent Community Bankers of America, National Association of Federal Credit Unions, 4/11/2014",
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      "text": "The current secondary market structure works well for community banks and credit unions and allows them to meet their borrowers’ needs. Restructuring of this system is unchartered and untested and therefore raises numerous questions regarding fees and functionality when applied to the real-world marketplace.",
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      "text": "Proposed System is Untested",
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