1.   And, while bondholders do not own the buildings, they have a first lien on those revenues.

2.   A second lien stands second-in-line behind a first lien in case of a default.

3.   But the largest purchaser of loans on the secondary market, Fannie Mae, said it currently is buying only Texas home-equity loans that are first liens.

4.   Getting a first lien home-equity loan requires the borrower to refinance the outstanding mortgage with a new loan whose balance includes the extra money the borrower wants.

5.   The debt owed to the bank group and the Fortress trust are secured mostly by first liens on real estate.

6.   The majority of the bonds are backed by a first lien on mortgage revenues from state housing programs and federal assistance on those loans.

7.   The lender would receive a first lien, ahead of original landowners, and could foreclose on every parcel if the loan went into default.

8.   But the Philippine government maintains it has first lien on the estate.