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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA/FMCC)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2025-01-16 00:00:00",
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  "notes": "The slide uses a comparison frame to argue against applying bank-standard capital requirements to GSEs.",
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      "text": "We do not believe bank standards are appropriate for the GSEs' guarantee business, which carries significantly fewer risks",
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      "text": "We do not believe bank standards are appropriate for the GSEs’ guarantee business, which carries significantly fewer risks",
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      "text": "Source: Company filings and Pershing Square estimates. (1) Equity requirements for banks based on 50% risk-weighting for residential mortgage assets applied to Tier 1 common equity ratio.",
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      "text": "Set Appropriate Capital Requirements",
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