WASHINGTON — While the financial services industry is solidly behind a Federal Housing Finance Agency plan to create a single structure for Fannie Mae and Freddie Mac securitizations, the proposal also carries significant risk.

The agency provided key details this week on how it wants to move forward, saying it will be a "multi-year" effort. But some in the industry fear that is too slow, arguing the regulator needs to speed up the process while the Federal Reserve Board is still keeping interest rates low.

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