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  "docSlug": "73d490b5bd52",
  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-05-05 00:00:00",
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  "density": "overcrowded",
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  "notes": "The chart uses a stacked bar visual to represent LTV coverage ranges (0-80% vs 80-100%).",
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      "kind": "callout",
      "text": "The GSEs should require significantly less capital than the PMIs because their guarantees are much safer",
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      "kind": "chart",
      "text": "Illustrative Mortgage Guarantee Coverage as % of LTV",
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      "text": "GSEs: Coverage: 0-80% LTV, Typical Severity: ~30%, Capital Ratio: 2.5%",
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      "text": "PMIs: Coverage: 80-100% LTV, Typical Severity: 100%, Capital Ratio: 4%",
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      "text": "Capital Ratio: 2.5%",
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      "kind": "source-note",
      "text": "Source: Company filings and Pershing Square estimates. Note: Capital ratio for PMIs based on the maximum 25:1 risk-to-capital ratio requirement of most states.",
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      "text": "Significantly Increase Capital Requirements (Cont.)",
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