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  2. Second mortgage - Wikipedia

    en.wikipedia.org/wiki/Second_mortgage

    In general, total monthly repayments on the second mortgage are lower than that of the first mortgage. This is due to the smaller amount borrowed in the second mortgage compared to the primary loan rather than the difference in interest rate. Second mortgage interest rates are typically higher due to the related risk of such loans. [10]

  3. Government policies and the subprime mortgage crisis

    en.wikipedia.org/wiki/Government_policies_and...

    In addition, it promoted the use of low or no-down payment loans and second, unsecured loans to the borrower to pay their down payments (if any) and closing costs. [146] This idea manifested itself in "silent second" loans that became popular in several states such as California, and in scores of cities such as San Francisco. [147]

  4. Secondary mortgage market: What it is and how it works - AOL

    www.aol.com/finance/secondary-mortgage-market...

    The lender sells the loan to a mortgage aggregator — often Fannie Mae or Freddie Mac, who buy two-thirds of the mortgages in the U.S. The lender gets cash for selling the mortgage note, allowing ...

  5. Making Home Affordable - Wikipedia

    en.wikipedia.org/wiki/Making_Home_Affordable

    The Home Affordable Modification Program (HAMP) is a government program introduced in 2009 to respond to the subprime mortgage crisis.HAMP [10] is part of the Making Home Affordable program (MHA), [11] established in concert with the Hardest Hit Fund program (HHF) [12] under the Troubled Asset Relief Program (TARP), a part of the Emergency Economic Stabilization Act of 2008. [13]

  6. Are second mortgages about to make a comeback? Freddie Mac ...

    www.aol.com/finance/second-mortgages-comeback...

    Second mortgages, which allow homeowners to tap their home equity for loans, have fallen in popularity. Scars from the 2008 financial crisis left both lenders and borrowers cautious.

  7. Subprime mortgage crisis - Wikipedia

    en.wikipedia.org/wiki/Subprime_mortgage_crisis

    The use of automated loan approvals allowed loans to be made without appropriate review and documentation. [102] In 2007, 40% of all subprime loans resulted from automated underwriting. [ 103 ] [ 104 ] The chairman of the Mortgage Bankers Association claimed that mortgage brokers, while profiting from the home loan boom, did not do enough to ...

  8. Down payment assistance: How it works and how to get it - AOL

    www.aol.com/finance/mortgage-down-payment...

    When you buy a home with a mortgage, that mortgage is the first or primary lien on the property. A second mortgage is an additional lien tied to your home. In the case of down payment assistance ...

  9. Subprime lending - Wikipedia

    en.wikipedia.org/wiki/Subprime_lending

    This is even more apparent when the lifetime cost of the loan is considered (though most people will want to refinance their loans periodically). The total cost of the above loan at 5.5% is approximately $1,018,891.24 , while the higher rate of 9.5% would incur a lifetime cost of approximately $1,366,390.93 .