Boon for Homeowners Seen
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Associated Press
WASHINGTON — The Federal Home Loan Mortgage Corp. said today it will start buying second-mortgage home loans next week in a move that could lower their costs and expand the market.
Michael Coffey, acting executive vice president of Freddie Mac, predicted the action eventually could drive down the interest cost of second-mortgage loans by a third of a percentage point. He called the decision a boon for both homeowners and investors looking for safe securities.
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