by Calculated Risk on 8/12/2008 12:31:00 PM

From the WSJ: Freddie Mac Will Stop Buying New York Subprime Mortgages

Freddie Mac said it will not purchase subprime mortgages secured by properties in New York state with note dates on or after Sept. 1.

This is in response to a new New York law aimed at curbing abusive lending practices.

Freddie said the pending law "creates the potential for heightened legal and business risk exposures for the purchasers or assignees of these loans," ...