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Second mortgages, commonly referred to as junior liens, are loans secured by a property in addition to the primary mortgage. [1] [2] Depending on the time at which the second mortgage is originated, the loan can be structured as either a standalone second mortgage or piggyback second mortgage. [3]
If you're considering buying a home and you already own one, a piggyback loan may be a viable option. However, taking on a second mortgage isn't for everyone. Related: Grant Cardone: These Will Be ...
United States Office of Management and Budget Circular A-128, Audits of State and Local Governments; A-133 Sup (2013): "OMB Circular A-133 Compliance Supplement 2013". United States Office of Management and Budget. 2013. A-133 Sup Part 3 (2013): "Part 3 – Compliance Requirements" (PDF). Office of Management and Budget. 2013
Trailer on flatcar, also known as TOFC or piggyback, is the practice of carrying semi-trailers on railroad flatcars. TOFC allows for shippers to move truckloads long distances more cheaply than can be done by having each trailer towed by a truck, since one train can carry more than 100 trailers at once. [ 1 ]
A Good Faith Estimate of settlement costs is a three-page document that shows estimates for the costs that the borrower will likely incur at settlement and related loan information. It is designed to allow borrowers to shop for a mortgage loan by comparing settlement costs and loan terms. These costs include, but are not limited to:
[3] Piggybacking came to the public's attention particularly in 1999, when a series of weaknesses were exposed in airport security . A study showed that the majority of undercover agents attempting to pass through checkpoints, bring banned items on planes, or board planes without tickets were successful.
It had been created by the Federal Loan Administrator with the approval of the President of the United States pursuant to §5(d) of the Reconstruction Finance Corporation Act or 1932, 15 USCA §606(b) for the purpose of providing insurance covering damage to property of American nationals not otherwise available from private insurers arising ...
(source: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States, p. 218, figure 11.3) The Commission found GSE loans had a delinquency rate of 6.2% in 2008 versus 28.3% for non-GSE or private label loans. [40]