WASHINGTON — The Federal Home Loan banks are facing large losses on their holdings of private-label mortgage-backed securities — declines that could threaten the value of stock held by the thousands of banks and thrifts that belong to the Home Loan Bank System.

At least 11 of the banks said the value of their private-label securities dropped during the third quarter. The Home Loan Bank of Seattle delayed its earnings report as it tried to value its securities.

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