About government sponsored mortgage enterprises Fannie Mae and Freddie Mac , two of Pershing Square’s more speculative common stock investments, Ackman said he believes both companies can be recapitalized to the point where they don’t need an implicit government guarantee.
“I don’t think you really need an implied guarantee for Fannie and Freddie” said Ackman, who said GSE’s got into trouble during the housing downturn for being undercapitalized, and lending to un-creditworthy borrowers.
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