I see FNMA and FHLMC like a lottery ticket. Play with only money you expect to lose, with the remote possibility of a big gain. Yes, these are quite different than MTG, ....arguably somewhat similar to PMI (PPMIQ). Unlikely that commons will have any value ever. GL
Thanks for your comment however I completely disagree ; FnF are not similar to PMI and in fact there is no comparison at all kinda like the saying apples to oranges ; if anything FnF are very similar to Sallie Mae from the early 1990's ; Sallie was in trouble so it was placed into Conservatorship ; it emerged with Commons fully intact ; this is precisely why Barnie Frank placed FnF into this C-ship because he was following the Sallie lead ' " it worked in the past so let's do it again " approach
FNMA is intriguing to me. But I think the stock will stay in .75 to .90 range for a while longer - at least until they are closer to paying off their bailout loans. I think the public is so upset with FNMA that it will take a few years AFTER repaying the bailout loans before a dividend is issued. Without a dividend, the stock has no real value.
Overall, I think we're 2 years away from FNMA being close to relevant and 4 years away from real relevance. I'm still looking into it though... you never know...