Fannie Halts N.Y. Subprime Purchases
Fannie Mae has followed Freddie Mac's lead on New York subprime mortgages.

Fannie will no longer purchase or securitize loans on New York properties that are considered subprime under Senate Bill 8143-A, according to Announcement 08-21 released today.

The legislation, which was signed into law by Gov. David A Paterson on Aug. 2, requires a 90-day notice before foreclosure proceedings may be initiated and establishes a mandatory settlement conference for foreclosure proceedings involving some subprime borrowers.
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