Foreclosure

First Am Tackles Hidden Seconds 

Nearly every one of our key sources in the servicing market has warned privately on the coming impact of so-called “unattached seconds” — those second liens that weren’t made with the same lender that holds the first mortgage. A vast number of HELs and HELOCs are out there wholly separated from whomever holds the first, and during the housing boom, borrowers moved to monetize home equity at record levels.