Quarterly issuer of home equity loan-backed paper, Centex Corp., is mulling its first-ever senior/subordinated structure, according to a company source, who added the decision is based strictly upon cost-benefit analyses rather than any benefits of tapping a new investor base.

"Each of the deals we have done, Centex evaluates senior/sub structure versus a wrap. The decisions have been based on economic analysis," said Jeff Upperman, managing director of structured finance for the Dallas-based homebuilder.

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