{
  "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
  "docSlug": "97510b6ce9e5",
  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-01-16 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2941177,
  "pageNumber": 55,
  "pageCount": 104,
  "prevPage": 54,
  "nextPage": 56,
  "slideType": "comparison_table",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "Uses a stacked bar visual to represent LTV coverage ranges.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_vertical",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/55",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-55",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.19
      },
      "kind": "callout",
      "text": "The GSEs require significantly less capital than the PMIs because their guarantees are much safer",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "da85013a-dc27-4e2a-b5ea-6f7b3c66ff21",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.24,
        "x": 0.38,
        "y": 0.45
      },
      "kind": "chart",
      "text": "Illustrative Mortgage Guarantee Coverage as % of LTV",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fe5d16a2-49e0-4a8d-83f7-845e7b572a32",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Capital Ratio: 5.6%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-203c-716b-be6b-9455fb2bc95f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.91
      },
      "kind": "source-note",
      "text": "Source: Company filings and Pershing Square estimates. (1) Capital ratio for PMIs based on the minimum 5.6% of performing primary adjusted risk-in-force ratio. (2) Typical severity based on Urban Institute's analysis of GSE loans.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d4e0f3f6-8114-42bd-b5ed-40560e81b758",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.28,
        "x": 0.08,
        "y": 0.66
      },
      "kind": "table",
      "text": "GSEs: Coverage 0-80% LTV, Typical Severity ~30%, Capital Ratio ?",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "14eee216-fe7c-4c00-9e63-820078075801",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.26,
        "x": 0.66,
        "y": 0.5
      },
      "kind": "table",
      "text": "PMIs: Coverage 80-100% LTV, Typical Severity 100%, Capital Ratio 5.6%",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eb407983-f5c6-4cbd-8246-12c72e37d5ce",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Set Appropriate Capital Requirements (Cont.)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cab79341-4f26-4c95-bcda-e65253a10c63",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "a8dae5c6-4f2a-48c3-a5d5-c497c0eb585b",
      "evidence": "Direct comparison of GSE and PMI risk profiles and capital requirements.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 83,
      "from": 46,
      "beatId": "74f4172d-1578-4f62-b431-89999c4dba31",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Solution & Approach",
      "beatSlug": "consultants-gambit-solution-approach",
      "evidence": "Slides propose a framework for ending conservatorship",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}