WASHINGTON - The Federal Home Loan Bank System is on the verge of revolutionizing the mortgage market, and Bruce Morrison is waiting for someone to notice.

The passionate and stubborn regulator has pushed the 12 Federal Home Loan banks to offer lenders an alternative to selling mortgages to Fannie Mae and Freddie Mac. But the Home Loan banks, and even some of the lenders, have pushed back. "If this were the Food and Drug Administration and a drug company, I would be getting awards," Mr. Morrison said in an interview this week. "It's just this is a funny business, with no really active consumer interest that makes my job easy. So I stand pretty lonely and alone doing a job."

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