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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 uses a stacked bar chart to contrast historical losses against the total available capital buffer.",
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      "text": "Losses would need to exceed $600bn before both first-loss private capital and PSPA funding would be extinguished, or ~23x adjusted cumulative losses in the single-family guarantee segment during the Great Financial Crisis (i.e. 2007-2011)",
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      "text": "cumulative losses: $613bn",
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      "text": "Source: Company filings and Pershing Square estimates. (1) Fully-taxed net income... (2) Actual accounting losses...",
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      "kind": "title",
      "text": "Clarify Nature of Government Backstop (Cont.)",
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