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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA/FMCC)",
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  "authorName": "William Ackman",
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  "presentationDate": "2025-01-16 00:00:00",
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      "kind": "diagram",
      "text": "Fannie and Freddie branching into Guarantees and Fixed-Income Arbitrage",
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      "text": "Fixed-Income Arbitrage: Low-quality, high-risk; Did not serve a credible purpose for the mortgage market",
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      "text": "Guarantees: High-quality, low-risk; Serves a vital purpose for the mortgage market",
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      "text": "(1) Fannie and Freddie today hold ~$180 billion of investment assets on balance sheet, a large portion of which is related to warehousing of mortgage loans for future MBS issuances, as well as workouts of non-performing loans in prior MBS issuances.",
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      "kind": "title",
      "text": "Prior to the Great Financial Crisis, the GSEs Had Two Distinct Lines of Business",
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