SAN FRANCISCO - The Federal Home Loan Banks' alternative secondary marketing program poses a real threat to Fannie Mae and Freddie Mac, says the chairman of the nation's largest thrift.

Speaking at the California Mortgage Bankers Association's western secondary market conference last week, Kerry Killinger, the chairman, president, and chief executive of Seattle-based Washington Mutual Inc., said the Home Loan banks' Mortgage Partnership Finance program will steal market share from Fannie and Freddie.

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