said it will not purchase subprime mortgages secured by properties in New York state with note dates on or after Sept. 1.No word yet from Andrew Cuomo on this one.
The move is government-sponsored mortgage buyer Freddie's response to recent New York legislation, effective Sept. 1, that creates a new category of subprime mortgages. The state has said the legislation is intended to curb abusive lending practices.
But Freddie said the pending law "creates the potential for heightened legal and business risk exposures for the purchasers or assignees of these loans,"
Tuesday, August 12, 2008
Freddie Mac to stop buying New York state subprime mortgages
Marketwatch reports on Freddie Mac who:
