Almost forgotten was one of Treasury's early rides to the rescue of Fannie and Freddie, the government sponsored (now more owned) housing finance companies. This crisis started with housing finance, but the difficulties in the mortgage market will continue to affect Wall Street and Main Street. Whether because of (i) naïve or greedy borrowers betting on a constant housing value up-tick, (ii) overly-aggressive mortgage brokers underwriting poor loans, or (iii) a secondary market too hungry for mortgage securitizations, Washington will not provide any quick solution to reforming individual mortgages. A large part of the problem is that securitized mortgages are sliced and diced so thoroughly that most institutions holding a lot of very small pieces of non-performing loans have no power to reform the terms of those loans. In fact the 7th Circuit just reversed and disallowed a class action against Chevy Chase Bank alleging inadequate and poor disclosure of mortgage terms. Andrews v. Chevy Chase Bank, No. 07-1326 (7th Cir. Sept. 24, 2008).