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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
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  "authorName": "Pershing Square",
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  "presentationDate": "2025-01-16 00:00:00",
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  "notes": "The slide uses a financial model to demonstrate the impact of capital requirements on mortgage pricing and capital efficiency.",
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      "kind": "callout",
      "text": "The current 4% capital requirement is too high and would increase the cost of mortgage financing at a time when home affordability is at record lows and mortgage rates are at multiyear highs",
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      "text": "Return on Equity: 4%",
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      "text": "4% capital would require ~$270 billion to support the single-family guarantee business alone, >2x the capital held by both entities today. This would tie up ~$100bn+ of wasted capital that could be better deployed in other US businesses",
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      "text": "Fannie Mae Illustrative Return on Equity for New Single-Family MBS table",
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      "text": "1 Set Appropriate Capital Requirements (Cont.)",
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