I was interpreting the scenario incorrectly.

Example: some younger investors go and get jobs in the real estate business so they can ‘get paid to go to school’ Of course, that’s a rosy interpretation of a job that’ll still be hard and frustrating at times, but so it goes in life, right?

It's more this than your confidentiality interpretation. 

It's a bit confusing... but curious how you are interpreting it, and if you have actually pushed this scenario through with Fannie Mae?  

To what degree of separation you know either is sort of open for interpretation.

And you want to look at how your state's highest court interprets the clauses, too....Finally, despite the good hands and neighbor marketing, my experience trying to rebuild four units destroyed by fire, was that the insurer, while warm and fuzzy on the marketing sales side, will hand you some fairly rigid and tough adjusters, no matter the type, and you realize quickly what you have purchased is a right to argue for your claim, which beats the alternative I suppose..

[img]www.flickr.com/photos/mapei/6843606169/[/img]The way I interpret that graphic is that we still have a long way to go before the "first age of the McMansion" is over.

That kind of rating system would be infinitely more complex, and subject to an incredible amount of interpretation.

Are you having trouble interpreting the info you have?

If purchased the junior liens may be interpreted to be in senior position and may foreclose all over again.