Abstract: A trust can issue notes based on pooled home equity lines of credit (HELOCs). During a predetermined period, interest and principal payments can be made in connection with the HELOCs can be used to make payments to noteholders, to further capitalize or enhance the underlying loans or certificates based on those loans, or can be placed in a reserve fund. In an embodiment, on a defined date, the notes can be offered for auction. Where market clearing bids are within preferred parameters, the noteholders can sell their notes at par value. Where market clearing bids are within acceptable, but not preferred parameters, the noteholders can sell their notes at a discount value, with a backstop amount paid to the noteholders by a guarantor. Where the auction fails, the noteholders can retain their notes, and can be paid a backstop amount by the guarantor, up to a maximum backstop amount.