Good question. The FNM shares for me have come an investment - a long term hold. No use selling here for the small investment I have. Some day I think the preferreds will own what is left of FNM, or have the dividends restarted. I don't see FNM going BK.
LEH is a bit different. Again I don't see a bk situation. I see maybe a highly diluted takeover that will take the current common down substantially. However, IMO these preferred trust shares will remain intact. Look at BSC. If BSC was happening today their preferreds would probably be down to $5.00 a few days before JPM and the Fed stepped in. Today they are selling for near $23. Countrywide preferred got down $7.00. Today they are $13.50. If BAC ever brings them firmly into their fold, they will go to $22 or more.
LEH has some good assets and a strong brand name. There is value there. I think this trade will eventually work. Yesterday a bought just a few hundred shares. I have learned to step in slowly. I average cost is now profitable. I even got a nice div coming in about 45 days. For the preferred trust shares to sell for $4.75 at this point of the game with LEH I think is a complete over reaction.
FNM? I did not calculate that the government would step in and make things actually worse. That was stupid of me.