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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA/FMCC)",
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  "authorName": "William Ackman",
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  "presentationDate": "2025-01-16 00:00:00",
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  "notes": "The slide argues that a 4% capital standard acts as a tax on homebuyers.",
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      "text": "A post-conservatorship capital standard of 4% would in effect be a tax on American homebuyers to fund overly capitalized balance sheets at the GSEs",
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      "text": "Potential increases in g-fees would cost the typical homebuyer significantly more in interest over the life of his or her mortgage",
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      "text": "Implied Incremental Interest: $29,170",
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      "text": "Note: Average U.S. single-family home sales price as per Federal Reserve Bank of St. Louis for the third quarter of 2024. National average mortgage rate as per Freddie Mac for the weekly average as of January 9, 2025.",
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      "text": "G-Fee Increase: Impact to Homebuyer table showing ROE vs Interest",
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      "text": "Set Appropriate Capital Requirements (Cont.)",
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