I thought I would make a bold attempt at the verse after Steinun seemed to be mocking him (Thangbrand) and CV was very helpful - see where she says she will tell him all about it - I thought then "smug bitch - She Knows"
 
Eftir það ríða þeir á þing upp og hafði svo nær að frændur Þorvalds mundu
ganga að þeim.
After that they rode up to Thing (check - having ridden down to Horse-Brook) and came so close that Thorvald's Kinsmen could attack them (But) 
 
Veittu þeir Njáll og Austfirðingar Þangbrandi. Hjalti
Skeggjason kvað kviðling þenna:
They, Njal and the East Firth Folk assisted/supported Thangbrand.
Hjalti Skeggjasson spoke this satire [Kviðling (CV) - the ling suggests a little verse or a quip]
 
Spari eg eigi goð geyja.
Spare I no God mocking
 
Grey þykir mér Freyja.
A Bitch I think is Freyja (CV-grey = greyhound bitch)
 
Æ mun annað tveggja
Always will be one of the two
 
Óðinn grey eða Freyja.
Oðin a hound or Freyja (a bitch)
[this verse may be in ref. to the Carnal Congress in which Oðin and Freyja indulged to the anger of Frigga]
 
Hjalti fór utan um sumarið og Gissur hvíti.
Hjalti sailed abroad for the summer and Gizur the white
 
En skip Þangbrands braut austur
við Búlandsnes og hét skipið Vísundur.
But Thangbrand's ship (went ) eastwards to Bulands Ness  and the ship
was named Bison (Z)
 
Þangbrandur fór allt vestur um sveitir.
Thangbrand went all  out west around the districts (Z3)
 
Steinunn kom í mót honum, móðir Skáld-Refs.
Steinun came to meet him, the mother of Ref (the) Skald/Poet
 
 Hún boðaði Þangbrandi heiðni og taldi lengi fyrir honum.
She preached the Heathen Faith to Thangbrand and talked long to him
 
Þangbrandur þagði meðan hún talaði en talaði lengi
eftir og sneri því öllu er hún hafði mælt í villu.
Thangbrand was quiet while she spoke but afterwards he spoke a long
while and turned all that she said into falsehoods
 
"Hefir þú heyrt það," sagði hún, "er Þór bauð Kristi á hólm og þorði Kristur
eigi að berjast við Þór?"
"Have you heard " said she "when Thor challenged Christ to a duel and
Christ dared not fight with Thor"
 
"Heyrt hefi eg," segir Þangbrandur, "að Þór var ekki nema mold og aska ef
guð vildi eigi að hann lifði."
"I have heard" says Thangbrand "that Thor would be nought but earth and ash if God did not wish that he lived"
 
"Veist þú," segir hún, "hver brotið hefir skip þitt?"
"Do you know" says she "who has wrecked your ship?"
 
"Hvað segir þú til?" segir hann.
"What say you of it"? says he
 
"Það mun eg segja þér," segir hún:
"I will tell you of it" says she
 
Braut fyrir bjöllu gæti,
Broad  before the Keeper of bells (bjalla - Bell) Keeper CV nickname for missionary
 
bönd ráku val strandar,
was driven slain on strand
 
mögfellandi mellu,
Sad fallen (mellu)
 
mástalls, Vísund allan.
(mastalls) Bison and all
 
Hlífðit Kristr, þá er kneyfði
(Did) Christ help it to be saved/determined
 
knörr, málmfeta varra.
the merchantship (knorr) was crushed
 
Lítt ætla eg að guð gætti
Little think I that God was guarding
 
Gylfa hreins að einu.
Gylfi's reindeer at all/never/anyway
 
Gylfi was a sea lord and his reindeer would be a shi[
 
That is all I can do with the poem
Kveðja
Patricia