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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA/FMCC)",
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  "authorName": "William Ackman",
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      "text": "We do not believe that a direct, explicit government guarantee of Fannie and Freddie’s MBS is necessary, feasible, or desirable",
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      "text": "We do, however, believe it is important to achieve several objectives: Clarify the nature of the relationship between the GSEs and the government; Ensure fair compensation to taxpayers; Provide confidence to the MBS market",
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      "text": "There are several complications with an explicit MBS guarantee: Would likely require the U.S. government to consolidate the $7.6tn MBS of Fannie and Freddie, which would increase the national debt by 20%; Disruption to the Treasury market; Would require an act of Congress",
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      "text": "4 Clarify Nature of Government Backstop",
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