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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": "The slide uses a waterfall-style bridge to contrast actual losses with capital requirements.",
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      "text": "The GSEs' losses during the financial crisis were much lower when calculated based on their actual credit losses, rather than provisions",
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      "text": "The GSEs’ losses during the financial crisis were much lower when calculated based on their actual credit losses, rather than provisions",
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      "text": "Cumulative Losses (Including Credit Losses) 2007-2011 vs Minimum Capital Requirement",
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      "text": "Cumulative Losses: $(46) bn",
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      "text": "Source: Company filings and Pershing Square estimates. Note: Fully-taxed net income based on actual credit losses rather than provision expenses...",
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      "text": "Actual Credit Losses Were Lower Excluding Accounting Charges",
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