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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
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  "notes": "The chart uses a broken axis (indicated by the tilde symbol) to accommodate the extreme negative values in 2009.",
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      "text": "The GSEs' guarantee business experienced extraordinary losses during the financial crisis, but returned to profitability in 2013",
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      "text": "Pre-Tax Income for Single-Family Guarantee Segment ($ in Billions)",
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      "text": "Source: Company filings and Pershing Square estimates. Note: Freddie Mac did not disclose a separate guarantee segment prior to 2005. Data only shown through 2015 as Fannie Mae began consolidating the former Capital Markets Group segment into the Single-Family and Multifamily segments in 2016, while Freddie Mac began doing so in 2021.",
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      "text": "Large Losses During the Financial Crisis",
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