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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA/FMCC)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2025-01-16 00:00:00",
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  "notes": "Dual-axis charts showing LTV (bars) and FICO (lines) for both GSEs.",
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      "kind": "callout",
      "text": "Fannie and Freddie guarantee the low-risk mortgages of middle-class borrowers with excellent credit",
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      "text": "Freddie Single-Family Acquisitions",
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      "kind": "metric",
      "text": "Weighted Avg. Loan-to-Value Ratio: 78%",
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      "kind": "source-note",
      "text": "Source: Company filings.",
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      "kind": "title",
      "text": "Single-Family Guarantee Business: Low-Risk (Cont.)",
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