Ackman ’16 Letter On Fannie: “Various Scenarios” of “a many-fold multiple from current levels”

Pershing Square 2016 Letter

Fannie Mae (FNMA) / Freddie Mac (FMCC)

The 30-yr fixed rate mortgage is a unique feature of the US mortgage market that significantly improves affordability and is vital to maintaining current home values. Fannie and Freddie have historically been, and continue to be, essential to allowing for widespread access to the 30-year fixed rate mortgage at a reasonable cost.

Since Fannie and Freddie were put into conservatorship in 2008, there have been a variety of...

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