New York, Wall Street & Freddie

Liable to widen the gap... New York Mayor Michael Bloomberg:

Wall Street's mortgage losses have grown so large that some firms may pay little or no taxes for years,

widening New York City and state deficits and challenging their ability to provide services.

FYI: Wall Street accounts for 20% of New York state revenue and about 9% for the city.

Stopping the Gap for the liable... Freddie Mac, #2 U.S. mortgage finance company, will stop buying subprime loans issued in New York state.

The legislation holds mortgage buyers like Freddie liable in ways that according to a FHLMC spokesperson "we have no way of monitoring and preventing."

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