FM Watch, an industry group formed to check the alleged "charter creep" of Fannie Mae and Freddie Mac, has accused the two of threatening and intimidating its board members for supporting the organization. The group also announced it is dissolving its eight-member advisory board.

"In each instance the message was the same: stop supporting the activities of FM Watch or be prepared to see your business opportunities and products suffer," said FM Watch chairman Gerald Friedman. Friedman said in order to "remove the focal point of Fannie Mae and Freddie Mac's threats," it would disband the board.

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