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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA/FMCC)",
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  "authorName": "William Ackman",
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      "text": "Fannie and Freddie’s g-fees have averaged approximately 30bps since 1990, but have risen steadily since the financial crisis",
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      "text": "Average G-fee on Single-Family Guarantee Portfolio from 1990 to 2023 (bps)",
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      "text": "Source: Company filings and Pershing Square estimates. Note: Based on single-family guarantees for Fannie Mae and Freddie Mac.",
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      "text": "Single-Family Guarantee Business: Low Guarantee Fees Prior to the Financial Crisis",
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