The second mortgage market has been an increasingly active industry during the past two decades, especially as homeowners discover their uses and cost-effectiveness. Fannie Mae and Freddie Mac normally do not purchase home equity loans and home equity lines of credit.
In fact, credit lines are usually either portfolio, with the originating lender keeping the loan and servicing rights.
For more information about second mortgages, home equity loans and home equity lines of credit, please consult the "Second Mortgages" article.
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