After scrapping its conventional mortgage business, WMC Mortgage Corp. - recast as an internet-only lender - is set to tap the asset-backed market next quarter with a $300 million to $400 million deal backed by online-originated, subprime home-equity loans.

"Being an online lender is going to cut our cost so much that securitization all of a sudden becomes a much more attractive alternative to us," said Scott McAfee, president of WMC.

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