Production of home-equity loan securities soared to a record $462.3 billion in 2004, topping the previous year’s mark by 73 percent, according to a new Inside MBS & ABS analysis and ranking. Most of the HEL securitization action was in subprime mortgage deals, which accounted for 77 percent of last year’s record issuance. A significant share of the $34.7 billion of scratch-and-dent deals issued last year were made up of non-performing or re-performing subprime loans…