The top four holders of second mortgages are now on board, but a government program to modify such loans in tandem with first liens will not be up and running for five months.

A big part of the hold-up is the old problem of one hand not knowing what the other is doing.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.