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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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  "notes": "Slide 23 of the deck.",
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      "text": "The GSEs play an important role in the multifamily market, guaranteeing 38% of multifamily mortgage debt outstanding in the United States",
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      "text": "The 2008 financial crisis demonstrated the resilience and attractiveness of the GSEs’ multifamily guarantee business, which produced de minimis losses. We assume this business continues operating in its current form going forward",
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      "text": "Provides mortgage market liquidity for properties with five or more residential units. The GSEs purchase multifamily loans and securitize them into MBS that they then guarantee and sell, akin to what they do in the single-family business.",
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      "text": "Multifamily differs from Single-Family in several ways: Loans collateralized by apartment buildings; Borrowers are investment professionals; Typical loan has a term of 5 to 15 years with prepayment penalties; Can be more resilient in a recession.",
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      "text": "Fannie and Freddie's Multifamily Guarantee Business: High-Quality and Low-Risk",
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