02_nonagencymbs-cmbs-abs.ppt

* *   Home Equity Loan-Backed Securities The home equity loans forming the pool backing a HEL issue are also subject to default. Like nonagency MBS, commercial MBS, and CARDS, HEL deals are often structured with different prepayment tranches, credit tranches, and credit enhancements. *   Credit-Card Receivable-Backed Securities  Credit-card receivable-backed securities are commonly referred to as CARDS (certificates for amortizing revolving debts). *   Credit-Card Receivable-Backed Securities  Nonamortized Loans Securitized asset formed with home equity loans, r