"Second mortgage rates are for people who already have a first mortgage out and need the money for bills. Or, sometimes if there is an emergency and they don't have the money to cover it, they will take a second mortgage out."

A second mortgage comes in two forms: home equity and lines of credit. It might be necessary to take out a second mortgage to pay for extensive repairs and remodeling or your home, of if you need a line of credit in a emergency.

The U.S. subprime mortgage crisis was a nationwide banking emergency that coincided with the U.S. recession of December 2007-June 2009. It was triggered by a large decline in home prices, resulting in mortgage delinquencies and foreclosures and the devaluation of housing-related securities.

Passed during New Deal in attempt to curb farm foreclosures; allowed debtors to stay on farm for up to five years after bankruptcy. Struck down on May 27, 1935 (Black Monday of New Deal) when Supreme Court ruled that it was a violation of Fifth Amendment rights

Mortgage loan originator is an institution or individual that works with borrower to complete a mortgage transaction.A mortgage originator can be a mortgage broker or mortgage banker & is the original mortgage lender.