Fannie, Freddie shun N.Y. subprime loans

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Housing advocates say mortgage financers Fannie Mae and Freddie Mac are overeacting to a New York law the companies say creates new legal liabilities for investors who buy subrpime loans.

The mortgage giants say that beginning Sept. 1, they will no longer purchase or securitize loans defined as subprime by a New York law that creates new consumer protections.