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The Journal of Fixed Income

The Journal of Fixed Income

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Primary Article

The ABCs of HELs

David K Heike and Akhil Mago
The Journal of Fixed Income Summer 2005, 15 (1) 5-27; DOI: https://doi.org/10.3905/jfi.2005.523087
David K Heike
A senior vice president at Lehman Brothers in New York City. dheike@lehman.com
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Akhil Mago
An associate at Lehman Brothers in New York City. akmago@lehman.com
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Abstract

The home equity loan (HEL) sector has grown exponentially since 2002, to form the largest component of the asset-backed securities market. Their high liquidity and attractive spread pickup over the benchmark auto and credit card sectors increasingly make them a core holding for ABS investors. HEL bonds demand careful analysis because of an inherent mix of credit, prepayment, and structural risks. This overview of the HEL market evolution over the past decade provides some perspective on the risks and opportunities in the sector. It examines typical loan characteristics, underwriting trends, and the drivers of collateral performance, and discusses typical structural features of HEL ABS transactions and the key risk factors for ABS bondholders.

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The Journal of Fixed Income
Vol. 15, Issue 1
Summer 2005
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The ABCs of HELs
David K Heike, Akhil Mago
The Journal of Fixed Income Jun 2005, 15 (1) 5-27; DOI: 10.3905/jfi.2005.523087

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The ABCs of HELs
David K Heike, Akhil Mago
The Journal of Fixed Income Jun 2005, 15 (1) 5-27; DOI: 10.3905/jfi.2005.523087
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