There’s an important fight going on in the Federal Housing Finance Agency that you may not have heard about. Actually, you might not even have heard of the FHFA. They’re the guys who oversee Fannie Mae and Freddie Mac, the state-run mortgage buying businesses. Here’s the trouble–Fannie and Freddie possess a lot of mortgages for which the owners of these mortgages are “underwater”. Not that there’s been any flooding, of course.