Nomura_HomeEquity_1Nov04教程.pdfVIP

Nomura Fixed Income Research Home Equity ABS Basics 1 November 2004 Table of Contents Introduction 1 What is a Home Equity Loan?2 History of the Sub-Prime Mortgage Market 5 HEL ABS Structures7 Understanding HEL ABS Spreads 13 Features of the HEL ABS Market 14 How HEL ABS Issuers Affect Loan Quality 16 Predatory Lending19 Conclusion 22 * I. Int