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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 contrast between portfolio share and loss share to argue against the GSEs' past risk management.",
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      "kind": "callout",
      "text": "The GSEs should never have guaranteed subprime and Alt-A loans, which are much riskier than conventional 30-year, fixed-rate, prepayable mortgages",
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      "kind": "callout",
      "text": "A large portion of the credit losses in the GSEs' guarantee business during the financial crisis resulted from the small portion of subprime and Alt-A loans in their portfolios, which they no longer guarantee",
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      "kind": "callout",
      "text": "A large portion of the credit losses in the GSEs’ guarantee business during the financial crisis resulted from the small portion of subprime and Alt-A loans in their portfolios, which they no longer guarantee",
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      "text": "Fannie Mae Subprime & Alt-A Loans as % of Single-Family Guarantees and Credit Losses",
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      "text": "credit losses: 48%",
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      "text": "Source: Company filings. Note: Fannie Mae used as an illustration, but Freddie Mac followed a similar trend.",
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      "text": "Losses from Subprime & Alt-A Loans",
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