The reason for why it is not selling at $30 is because the market is designed to be biased and the market makers control the price.
The market makers are owned by mega banks who have shorted the stock heavily before the government took it under conservator-ship.
The mega banks want to wind down or 'purchase' FNMA by making the seller (the government, preferred and common shareholders) pay them for the sale, i.e., by losing all its investments and forfeiting the immense value of future FNMA cash flows.
Mega banks have always swayed the US Presidents and Congress in their favor to remain invincible, i.e., by making others (the taxpayers, investors and everyone else) lose everything they have earned and saved.
This reality is scaring top investors, not about mega banks, but about what the government may do this time, i.e., follow or not follow the wish of the mega banks.