A major issuer of securities backed by subprime mortgages has developed a new structure that should help improve liquidity while providing an outlet for its loans. "The completion of this transaction represents a major innovation and a new source of funding for the warehousing of home-equity loans," said Centex in a statement announcing the formation of Harwood Street Funding II. Harwood is structured as a single-seller conduit to purchase loans made by Centex’s home equity