I think it'll bleed down to about 1.30 over time. After that it'll either tank to nothing from economic conditions, or start a slow and somewhat unsteady recovery to $6 per share over the next year to year and a half.
I agree to hold FNM for the mid-to-long term. As the housing market improves somewhat by late next year, we should see PPS march higher. Maybe near $20. Even at $10 that's quite a profit from today's value < $2 share. Be patient and unless you day or swing trade, just hold and chill. Should be a wild ride the next few trading days.