With a boost from Freddie Mac, big mainstream mortgage lenders are using Wall Street securitizations to ramp up their subprime lending efforts.

Greenwich Capital Markets last month securitized $411 million of bonds backed by subprime loans originated by Norwest Mortgage. The second and largest subprime securitization for the Des Moines unit of Wells Fargo & Co. was followed by Countrywide Credit Industries' biggest subprime deal, an $847 securitization underwritten by Lehman Brothers. Chase Manhattan Mortgage Corp., which securitized $580 million of subprime loans in June, is planning another large deal in the near future, a spokesman said.

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