WASHINGTON — Though the Federal Home Loan banks have so far deftly avoided the worst of the financial downturn, one of the system's former regulators is worried for their future.

Geoff Bacino, who until Friday was a director of the now-defunct Federal Housing Finance Board, said the Home Loan banks run the risk of being lost in the shuffle as the new government-sponsored enterprise regulator, the Federal Housing Finance Agency, focuses more on the needs of Fannie Mae and Freddie Mac.

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