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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
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  "authorName": "Pershing Square",
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  "notes": "The chart uses a waterfall-style logic to compare losses against capital buffers.",
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      "kind": "callout",
      "text": "We estimate that the GSEs' minimum capital levels were nearly sufficient to withstand their actual losses during the financial crisis, excluding the large credit losses from subprime and Alt-A loans",
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      "text": "We estimate that the GSEs’ minimum capital levels were nearly sufficient to withstand their actual losses during the financial crisis, excluding the large credit losses from subprime and Alt-A loans",
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      "text": "Fully-Taxed Net Income for Single-Family Guarantee Segment ($ in Billions)",
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      "text": "Fully-Taxed Net Income: $20 bn",
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      "text": "Source: Company filings and Pershing Square estimates. Note: Fully-taxed net income based on credit losses...",
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      "kind": "title",
      "text": "Minimum Capital Nearly Enough for Core Portfolio Losses",
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