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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA/FMCC)",
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  "authorName": "William Ackman",
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      "text": "Fixed-Income Arbitrage: Wound-down, ~1.6 trillion assets at 2008 peak, low-quality/high-risk, no credible purpose.",
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      "text": "Guarantees: Ongoing ~7.6 trillion, 88% single-family, high-quality/low-risk, vital purpose.",
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      "text": "(1) Fannie and Freddie today hold ~$180 billion of investment assets on balance sheet, a large portion of which is related to warehousing of mortgage loans for future MBS issuances, as well as workouts of non-performing loans in prior MBS issuances.",
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      "text": "Prior to the Great Financial Crisis, the GSEs Had Two Distinct Lines of Business",
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