二次抵押贷款

二次抵押贷款

1

在2006年和2007年中，经纪商为JP摩根发行二次抵押贷款的贷款/价值比率超过了90%。

In 2006 and 2007 , nearly 30 per cent of the second mortgages that brokers originated for JPMorgan had loan-to-value ratios of more than 90 per cent .
2

发行人优选二次抵押贷款，而非夹层融资（mezzanine），是因为后者更贵（12%的现金利率加3%的应付非货币利率），而且通常提前偿还的罚金更高。

Issuers prefer second-lien to mezzanine , which is more expensive ( 12 % cash plus 3 % Pik ) , and typically carries higher prepayment penalties .
3

利率下降，房价上涨，抵押贷款经纪人表现激进这些因素让再融资（和二次抵押贷款）看上去就像伊甸园里的苹果。

Falling interest rates , rising home prices and aggressive mortgage brokers made refinancing ( and second mortgages ) seem like the apple in the garden of Eden .