Fannie Mae and Freddie Mac have a friend on West 57th Street. That’s the New York address of Metacapital Management LP, the hedge fund founded by Deepak Narula.

The much-maligned mortgage aggregators were taken over by the federal government in 2008 and have since absorbed $140 billion in taxpayer bailout money.

The head of the House Financial Services Committee wants to abolish them. Yet they still own or guarantee more than half of all U.S. housing loans — and for that reason, the administration of President Barack Obama isn’t about to let them go belly up.