Rams Home Loans, a specialty mortgage lender, has launched Rams Funding Three LLC and Rams Funding Proprietary Ltd., both of which will issue secured liquidity notes (SLNs).

The Sydney, Australia-based lender is sponsoring the programs after closing out Rams Funding, which began trading in April 2005 and fully repaid its notes in 2006. The new pair of conduits will jointly issue SLNs that will, in turn, purchase other notes issued from Rams Mortgage Securities (RMS) Proprietary Ltd., specifically in its capacity as trustee for Rams Mortgage Securities Trust. The SLNs will, essentially, provide the latter with term mortgage financing, according to Moody's Investors Service.

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