No. of Recommendations: 0
Hi, I think these notes are probably something like the Advanta offerings that you see advertised in the NY Times money section all the time. They are sold directly to investors by the issuer and are paid out of subprime (i.e. higher risk) home equity loans. The prospectus is available from Advanta's Web site, They pay about 8% for 90-day notes through 11% for 5-years. Since they are basically (second) mortgages, they can be prepaid and then the investor doesn't get paid as long as the original term. There's no active trading market for these notes.
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