California mortgage broker Logan Mohtashami says the most popular product he arranged last year were second-lien, or piggyback loans — a variety of mortgages that banks stopped making when the housing market blew up. 

Holding a secondary claim on the underlying home, piggyback loans were packaged into billions of dollars of securitizations before the crisis. At the height of the boom, subprime borrowers were more likely to have second-liens on their homes than not.

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