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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA/FMCC)",
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  "authorName": "William Ackman",
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      "text": "The GSEs require significantly less capital than the PMIs because their guarantees are much safer",
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      "text": "PMIs: Coverage 80-100% LTV, Typical Severity 100%, Capital Ratio 5.6%",
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      "text": "GSEs: Coverage 0-80% LTV, Typical Severity ~30%, Capital Ratio ?",
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      "text": "Source: Company filings and Pershing Square estimates. (1) Capital ratio for PMIs based on... (2) Typical severity based on...",
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