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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA/FMCC)",
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  "authorName": "William Ackman",
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      "text": "2.5% of equity capital is appropriate when benchmarked against the required capital levels for banks and private mortgage insurers",
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      "text": "The GSEs' guarantee business should have a lower capital ratio than banks and PMIs to reflect the lower risks they incur",
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      "text": "Source: Company filings and Pershing Square estimates. (1) Equity requirements for banks... (2) Private mortgage insurers based on...",
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      "text": "Set Appropriate Capital Requirements (Cont.)",
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