Fannie Mae Preferred S (FNMAS)

[stockanalyze]

according to this wsj article, there is a huge demand meaning wind down is in progress. but it also says that freddie unperpriced it by 100 million dollars. i am not sure why gse's are underpricing? pressure ? to show that they are getting private capital in? well they do not need to come under pressure and shaft us? 199 million on such a small deal is a lot of money they lost.
http://online.wsj.com/news/articles/SB10001424052702304470504579165964071423686