Fannie Mae-No Politics (FNMA)

[BojackD]

Hello, would anyone care to share their no B.S. assessment for $FNMA for a complete noob to this ticker? I've heard the name Fannie Mae all my life and would err on the side of it being around forever, but why is the PPS so beaten down? Why is the MC relative to book value so out of whack? Will it change? I even see some posts here mentioning an epic squeeze (someday). Possibly?

Thank you.