The mortgage chieftains at a recent conference in Utah chortled knowingly when a slide show depicted some future business lines at Fannie Mae and Freddie Mac: pizza delivery, horoscopes, and pet day care.

The tongue-in-cheek presentation by Stanford L. Kurland, chief executive officer of Countrywide Home Loans, struck a nerve. More than ever, mortgage lenders and private mortgage insurers are fretting about diversification by the two secondary-market titans.

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