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Freddie To Stop Buying New York State Subprime Mortgages

According the Dow Jones, Freddie Mac has announced that they will not longer be purchasing subprime mortgages secured by properties in the state of New York. This includes all mortgages with a note date on or after Sept 1.

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chaynes wrote RE:Freddie To Stop Buying New York State Subprime Mortgages
on Tue, Aug 12 2008 7:00 AM
It seems to me that possibly the people with Freddie Mac finally admit there is a problem of a legal nature with most "sub-prime" loans. Maybe this is a way to fianlly deal with the mess once and for All. We the people, who have been either duped or cheated out of our property and even maybe the only chance they had of the "American Dream" are fed up with the corporate and judicial runaround. We are tired of hearing that we are not alone. We are sick to death of sounding boards who have no remedy. We are at wits end as to how this is going to be fixed. We are angry as hell at the devastation it has caused our families, friends, and neighbors. We are sick and tired of underhanded lenders attempting to attach anything with our names on it, just so that their bottom line looks good. Hell, they already have the property, why do they need grandma's place too? Must we be slaves to them because we took a chance and took out a mortgage? Must we sell out grandma too, just because we went to live with her when it all went bad? Why must our children and our pets pay for the corporate greed of the lenders? I never thought I'd see this kind of tripe happen here in America, where we are supposed to have the ability to attain our dreams. Lowered standards are not acceptable! A small house a, a place to call home...why have we been decieved and duped? I hope I have struck a responsive chord or two with my angry words. Somebody has to.