What do you get when you gather executives from the mortgage industry and Wall Street to consider a new type of security? News that a new product will be out in July and, apparently, the release of some long-simmering tensions.

That's the report from participants in a five-hour meeting that Freddie Mac hosted last week at its McLean, Va., headquarters. Freddie held the session for about 30 industry representatives to show how mortgage servicing rights can be securitized.

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