Freddie Mac to stop buying NY subprime loans 

Freddie Mac will stop buying subprime loans issued in New York state dated on or before Sept. 1. Governor David Paterson signed legislation last week that tightens legal protections for borrowers. Freddie and Fannie Mae own 42 percent of the $12 trillion U.S. home loan market, and are both slowing their mortgage purchases after huge second quarter losses

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