More on Ackman's GSE stakes

|By:, SA News Editor

Pershing Square actually hasn't boosted its near-10% stakes in Fannie Mae (FNMA +4.5%) and Freddie Mac (FMCC +3.1%). Instead it's entered swap agreements in each, bringing its "total economic exposure" to 11.31% of Fannie and 11.08% in Freddie. Pershing gets paid as the stock rises (or dividends are made), and the counterparty gets paid as the stock falls.

SEC Forms 13D for Fannie, for Freddie