A new Freddie Mac program in California could take some business away from subprime lenders. "It’s certainly a potential alternative to the subprime market," a Freddie Mac spokesman said of a $90 million lend-lease initiative the government-sponsored enterprise has implemented in the 7 cities in the East Bay region of Northern California. Basically, the program allows borrowers with "blemished" credit or little wealth to buy a home at market interest rates through Bank of America.