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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2014-05-05 00:00:00",
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  "notes": "The slide uses a hypothetical scenario to demonstrate earnings potential based on regulatory fee adjustments.",
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      "kind": "callout",
      "text": "If FHFA continues to require the GSEs to increase their g-fees to approach a level that would attract private market participants, their earnings power would increase significantly",
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      "text": "Fully-Taxed Net Income at Various G-fees ($ in Billions)",
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      "text": "Source: Pershing Square estimates. Note: Based on current guarantee portfolio size and $100bn combined mortgage portfolio.",
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