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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
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  "notes": "The chart shows the transition from a negative equity position to a positive pro-forma equity position through earnings, debt repayment, and equity conversion.",
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      "text": "The GSE restructuring plan enables Fannie to achieve the capital level required to exit conservatorship by year-end 2026",
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      "text": "Common Equity Bridge - Fannie Mae ($bn)",
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      "text": "Source: Company filings and Pershing Square estimates. (1) Assumes underwriting fees and commissions of 50bps. Treasury's $18bn secondary sale of AIG shares in September 2012 included an underwriting spread of 37.5bps.",
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