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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
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  "notes": "Uses a stacked bar chart to compare historical losses against the proposed capital buffer.",
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      "kind": "callout",
      "text": "Losses would need to exceed $600bn before both first-loss private capital and PSPA funding would be extinguished, or ~23x adjusted cumulative losses in the single-family guarantee segment during the Great Financial Crisis (i.e. 2007-2011)",
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      "text": "Financial Crisis Losses vs. Potential New Capital Framework ($ in Billions)",
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      "text": "losses: $613bn",
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      "text": "Source: Company filings and Pershing Square estimates. (1) Fully-taxed net income... (2) Actual accounting losses...",
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      "text": "Clarify Nature of Government Backstop (Cont.)",
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