When Fannie Mae and Freddie Mac fashioned a plan to securitize servicing rights, they saw mortgage banks as the beneficiaries. But the gambit has also caught the eye of bank and thrift regulators.

Executives at the bank agencies have begun quietly reviewing the plan to see whether it has applications for their holdings. After all, bank regulators - by dint of having seized so many financial institutions - are among the biggest mortgage servicers.

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