PPS went down to one penny when people were scared to death. Yes these two GSEs will get wind down BUT NOT WIPED OUT. It did not go to zero in the darkest moment so why now? Feds already figured that actually they are worth tons of money so will hold them tight before getting all the bail out money back with 10% dividend payment , then sell them to private markets for the best offer. Common shares will be exchanged to new shares. Feds own 90% of common. In the long run, PPS fair value is above $5.