J.G. Wentworth wants to create a secondary market for private mortgage notes-loans that are originated by relatives or other investors when established lenders balk.

The effort by Wentworth, whose owners include ING Baring of the Netherlands, one of the world's biggest banking companies, could legitimize what has long been on the periphery of the mortgage business, backers say. They said the effect could be similar to that of Fannie Mae and Freddie Mac on the conventional loan business.

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