The issue of whether or not to reduce the current mortgage servicing fee of 25 basis points has erupted into a public battle between market titans, with the Mortgage Bankers Associations and the Bond Market Association caught in the middle. Countrywide Financial and Wells Fargo have reportedly emerged as protagonists in the debate over lowering the minimum servicing fee for Fannie Mae and Freddie Mac servicing rights, a proposal that advocates say would reduce…