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Piggyback Loans

Latest Headlines

Latest Headlines

Sad tale of a Merrill Lynch securitization

The New York Times offers an arresting story about an emblematic  Merrill Lynch securitization in 2006. The securitized securities were so-called piggyback loans--that is, second mortgages usually for about 20 percent of the value of a home. Borrowers used piggybacks to get away with puttin