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second mortgage
(redirected from Second Liens)

   Also found in: Financial, Wikipedia 0.01 sec.
second mortgage
n.
A mortgage taken out on property that already has one mortgage, with priority in settlement of claims given to the earlier mortgage.

second mortgage
n
(Economics, Accounting & Finance / Banking & Finance) a mortgage incurred after a first mortgage and having second claim against the security
ThesaurusLegend:  Synonyms Related Words Antonyms
Noun1.second mortgage - a mortgage that is subordinate to a first mortgage
mortgage - a conditional conveyance of property as security for the repayment of a loan


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AMI would like banks to provide a full and transparent accounting of their second lien modifications where they own first and second liens on the same property, and we ask policymakers to question whether banks should get any taxpayer-funded incentive payments if they're avoiding transparency.
That's particularly true in that hedge funds and distressed-asset lenders are prime forces in this type of lending, and may not have the stomach or the expertise to stay the course if things go south (see sidebar, "How Second Liens Complicate a Workout," on page 43).
KEY RATING DRIVER: --Maintenance of solid coverage of debt service for both senior and second liens by pledged revenues despite limited revenue growth and growing transportation spending demands.
 
 
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