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Fannie, Freddie subprime buys

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Government-sponsored Fannie Mae and Freddie Mac said they would buy billions of dollars’ worth of subprime loans to help prop up the failing risky mortgage lending industry. The announcement comes as federal regulators are under pressure to reign in the amounts of mortgages the companies can retain as investments, which currently make up 14 percent of U.S. home loans, and as Fannie and Freddie seek to burnish their images in the wake of accounting scandals. more [WSJ]

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