Fannie Mae & Freddie Mac (FNMA / FMCC) · page 33 of 104
The slide uses a balance sheet visualization to illustrate the high leverage (40:1 ratio implied by $100 assets vs $2.5 equity).
Activist deck · thesis_headline · frame_situation · dense density
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Thesis archetype slide · 90%
The GSEs issued AAA-rated corporate debt to finance the purchase of mortgage assets and earn a profit from the small spread between the yield on their long-term assets and shorter-term debt.
Waterfall chart slide · 70%Illustrative Fixed-Income Arbitrage Business ($ in Billions)
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