That is largely thanks to the explosion of "second-lien" lending.

这种情况的发生主要归因于“次级优先权”贷款。

youdao

In the end, a deal was struck which essentially handed more to second-lien lenders than they might otherwise have been entitled to.

在最后，由于第一债权人侵犯第二债权人应得的利益，重组受到很大影响。

youdao

Of its $95 billion loan book, more than a third is home-equity lines of credit and second-lien mortgages, both much riskier than the typical home loan.

在它950亿美元的贷款账目上，超过1/3是房屋净值信用额度和二胎房贷，二者都比常见的住房贷款风险高很多。

youdao

Certainly, given the ratings picture here, second-lien loans are not for the faint of heart.

FORBES: Connect

To put these figures in context, second-lien loans have even printed wide of high-yield bonds.

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This increase notwithstanding, second-lien remains a small fraction of institutional loan issuance, at 5.6% in the year to date.

FORBES: Connect