This was the rumor last week. It sounds laughable. I don’t want to believe it. The Treasury Department denied it. But when it comes to the Magic Kingdom that is the Obama administration, the fantastical has a way of coming true. “From Washington to Wall Street,” Reuters columnist James Pethokoukis wrote on Thursday, “there are rumors that the Obama administration is about to order government-controlled lenders Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of Americans who owe more than what their homes are worth.” That’s right. If you bet badly in the...