{
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  "docSlug": "dd661d7cb833",
  "documentTitle": "Fannie Mae & Freddie Mac (FNMA/FMCC)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
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  "presentationDate": "2025-01-16 00:00:00",
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  "pageNumber": 51,
  "pageCount": 104,
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  "notes": "The slide uses a green callout box to highlight the regulatory change as a negative development.",
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      "kind": "callout",
      "text": "FHFA’s capital rule, finalized in 2020 and amended in 2022 and 2023, increased the capital requirements for the GSEs’ guarantee business from an inadequate pre-crisis level of 0.45% to an overly conservative, impractical level of 4%",
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      "kind": "metric",
      "text": "capital requirement: 4%",
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      "evidence": "The slide frames a regulatory change as an 'impractical' and 'overly conservative' burden, implying a critique of the regulator's decision-making.",
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      "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Solution & Approach",
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      "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
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