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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 chart compares a $20bn capital requirement against a $(27)bn loss, suggesting near-sufficiency.",
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      "text": "We estimate that the GSEs' minimum capital levels were nearly sufficient to withstand their actual losses during the financial crisis, excluding the large credit losses from subprime and Alt-A loans",
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      "text": "We estimate that the GSEs’ minimum capital levels were nearly sufficient to withstand their actual losses during the financial crisis, excluding the large credit losses from subprime and Alt-A loans",
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      "text": "Fully-Taxed Net Income for Single-Family Guarantee Segment ($ in Billions)",
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      "text": "Cumulative Losses: $(27) bn",
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      "text": "Source: Company filings and Pershing Square estimates. Note: Fully-taxed net income based on credit losses, excluding the elevated credit losses in the subprime and Alt-A loans...",
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      "text": "Minimum Capital Nearly Enough for Core Portfolio Losses",
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