What are Fannie Mae and Freddie Mac looking for in the subprime MBS deals they buy? A new Inside B&C Lending analysis suggests that the secondary-market giants have a huge appetite for adjustable-rate loans and cash-out refinance transactions. The Inside B&C Lending analysis looked at the securitization prospectuses from some $11.38 billion in MBS deals completed by First Franklin, Ameriquest, Countrywide, Long Beach, Option One