Do you even understand enterprise value? That is market cap plus debt. If you remove their debt which is almost all of their enterprise value you get a $15 billion value. $15b can be seen my most as grossly overvalued. With over 20 million mortages under water presently they still have massive downside risk. Just because they showed one profit that all belongs to the Gov't doesn't mean they are out of deep water. Much work to be done and if they do not recap then i would be shocked.
The value belongs to the government since the conservatorship, there is no legal mechanism for bankrupt GSE to be reverted to private ownership. I'm sure the government is more than willing to keep FMNA as its own cash cow in perpetuity.