'I hope the private sector will come in,' he said, but noted that there is currently a reluctance to buy mortgage securities because of the uncertainty around rights as a first-lien holder.

他说，我预计私营部门将会进场，但他指出，由于第一留置权人权利不明，目前投资者有些不愿意购买抵押贷款证券。

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In some cases, the property maybe encumbered by a lien from a contractor, service provider, bank or other lending institution.

在某些情况下，房地产可能被某个承包商、服务供应商、银行或其他贷款机构加上了扣押权。

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Even so, the plan appears to treat second-lienholders better than investors in the main mortgage, because the formerare not required to cut principal when first-lien balances drop.

即便如此，这向计划显现的对抵押贷款持有者的待遇要好于拥有主要按揭贷款的投资者，因为当优先抵押差额减少时，前者不需要削减本金。

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With the big banks (JP Morgan, Morgan Stanley, Wells Fargo, etc) investing in tax lien certificates, rates that were in the low teens just 3-4 years ago are now bid down to 0-0.25% due to intense competition as your article states.

FORBES: Vulture Investing: What You Need To Know Before Bidding For Tax Liens

Existing lenders were in a power position, having to amend to approve the incremental debt used to fund the dividend, and second-lien investors in particular were concerned about the additional first-lien debt coming in ahead of them.

FORBES: Dividend finance rises on strong credit conditions

Of course, second-lien debt is a niche product for issuers that require higher leverage than is usually available in the first-lien market, but that in many cases are locked out of the regular-way high-yield bond market because of size, credit quality, or complexity.

FORBES: Connect