{
  "docId": "019dd923-622c-750b-8b9c-0d3bacbcba4d",
  "docSlug": "dd661d7cb833",
  "documentTitle": "Fannie Mae & Freddie Mac (FNMA/FMCC)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-01-16 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2941177,
  "pageNumber": 53,
  "pageCount": 104,
  "prevPage": 52,
  "nextPage": 54,
  "slideType": "cite_precedent",
  "function": "cite_precedent",
  "density": "dense",
  "nDataPoints": 0,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "callout_box",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/53",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-53",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.008400000000000001
      },
      "kind": "callout",
      "text": "Unlike banks, the GSEs face low credit risk, do not take interest rate or liquidity risk, and do not guarantee jumbo and alternative mortgage products",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eb45c2fd-2279-47a0-bdbc-4ba3a5d85213",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.00198
      },
      "kind": "paragraph",
      "text": "The GSEs are credit insurance companies, and therefore insurance regulatory concepts are more relevant than bank standards in determining GSE capital requirements",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1edf0b00-4b40-4122-89ba-0dbdd1d2d984",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.76,
        "x": 0.12,
        "y": 0.00398
      },
      "kind": "quote",
      "text": "“Insurance regulation is also more likely to see a stream of future premiums as a source of loss-absorbing capacity, and hence looks to be sure that pricing is sufficient to cover losses under all but the most catastrophic scenarios. “In MBA’s proposal, with the Guarantors having only a minimal investment portfolio holding assets of short duration, insurance regulatory concepts may become more applicable than bank regulatory concepts.” - Mortgage Bankers Association, 4/20/2017",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3f87a771-3822-4958-8047-b1be4d108c6b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"Insurance regulation is also more likely to see a stream of future premiums as a source of loss-absorbing capacity, and hence looks to be sure that pricing is sufficient to cover losses under all but the most catastrophic scenarios. In MBA’s proposal, with the Guarantors having only a minimal investment portfolio holding assets of short duration, insurance regulatory concepts may become more applicable than bank regulatory concepts.\" — Mortgage Bankers Association, 4/20/2017",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-3f42-76f3-adc2-02ec7e5986e6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.8,
        "x": 0.04,
        "y": 0.0095
      },
      "kind": "source-note",
      "text": "Source: Mortgage Bankers Association white paper titled “GSE Reform: Creating a Sustainable, More Vibrant Secondary Mortgage Market”, April 2017.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dd70739a-39b5-44b9-9ba7-cd09b09facc7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "1 Set Appropriate Capital Requirements (Cont.)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f946f3b4-bcbe-4836-a2cf-336ce35abad4",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "authority-citation",
      "slug": null,
      "matchId": "99ea3565-e839-47c3-902d-51edfbb81b52",
      "evidence": "Citing Mortgage Bankers Association to support regulatory argument",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 83,
      "from": 50,
      "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Solution & Approach",
      "beatSlug": "consultants-gambit-solution-approach",
      "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}