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  "documentTitle": "Multiple holdings (Pershing Square portfolio)",
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  "authorName": "Pershing Square",
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  "presentationDate": "2016-04-26 00:00:00",
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  "notes": "The slide highlights core business improvement, the indispensability of the GSEs, and legal momentum regarding the Net Worth Sweep.",
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      "kind": "callout",
      "text": "Fannie and Freddie continued to make positive progress in 2015",
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      "text": "Underlying earnings in core guarantee business continue to improve\nIncrease in g-fee rate, lower credit losses, and reduction of investment portfolio\nReported results volatile due to non-cash accounting charges on derivatives used to hedge liquidating investment portfolio",
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      "text": "Favorable developments with shareholder litigation\nRecently released documents reveal Treasury created the Net Worth Sweep immediately after Fannie revealed it expected to recognize ~$50bn of income from reversing DTA allowance and become sustainably profitable over time\nNew evidence further bolsters the plaintiffs claims that the Net Worth Sweep is illegal",
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      "text": "Consensus is emerging that the GSEs are irreplaceable\nLack of success in attracting private capital to the mortgage market\nRecent publications from industry trade groups, policy analysts and general news media increasingly recommend maintaining the GSEs",
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      "text": "Fannie Mae & Freddie Mac (GSEs)",
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