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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
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  "notes": "The slide uses a two-part argument structure to justify capital requirements.",
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      "text": "The GSEs’ balance sheet quality is enhanced by their contractual future revenue, as well as their ability to gain share in crisis",
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      "text": "(1) Represents estimated guarantee fee revenue less TCCA fees... (2) Assumes average portfolio turnover... (3) Assumes a 23% increase in the size of the single-family guarantee portfolio...",
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      "text": "The ability to write new business in a crisis provides further protection. During a housing crisis, losses are offset by higher market share. We estimate this ability is worth ~$17bn on a present value basis.",
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      "text": "While they do not count towards capital, future contractual guarantee fees significantly enhance balance sheet strength. Fannie and Freddie generated net single-family g-fees of $32bn in 2024. We estimate future g-fees are worth ~$101bn.",
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      "text": "Set Appropriate Capital Requirements (Cont.)",
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