ENGLEWOOD, N.J. - Freddie Mac, First Financial Equities, and several other lenders have teamed up with the Pacific Housing and Finance Agency of San Pedro, Calif., to provide 1% down-payment mortgages for lower- and middle-income California families.

The mortgages are part of a two-year program started in January to help borrowers who can make monthly payments but cannot come up with a large down payment.

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