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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA/FMCC)",
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  "authorName": "William Ackman",
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  "notes": "The chart illustrates the transition from net worth sweeps to capital retention policies.",
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      "text": "9/27/19: Treasury increases capital retention to $25bn at Fannie Mae and $20bn at Freddie Mac",
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      "text": "1/14/21: Treasury suspends net worth sweep until the GSEs are fully recapitalized",
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      "text": "12/21/17: Treasury grants permission for each GSE to retain up to $3bn in capital",
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      "text": "In the first Trump administration, Treasury Secretary Mnuchin made meaningful progress towards ending the conservatorships by pausing the net worth sweep and allowing the GSEs to begin recapitalizing themselves by retaining earnings",
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      "text": "GSEs: GAAP Net Worth ($ in Billions)",
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      "text": "In the first Trump administration, Treasury Secretary Mnuchin made meaningful progress towards ending the conservatorships by pausing the net worth sweep and allowing the GSEs to begin recapitalizing themselves by retaining earnings",
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      "text": "Source: Company filings. Includes deferred tax assets, which as of 9/30/24 were $11bn at Fannie Mae and $5bn at Freddie Mac.",
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      "text": "Capital Retention Began During Trump's First Term",
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