Capital Markets Assurance Corp. last week announced it had enhanced a $757 million issue from Household Finance Corp. backed by home equity loans.

CapMAC, which market sources say is preparing to insure its first municipal transaction, has provided enhancement on over $4 billion of asset-backed transactions since it was founded in 1987.

That total represents 18% of the total market for securities backed by public home equity loans, the company said.

The issue was underwritten by a Lehman Brothers-led syndicate and rated triple-A by Moody's Investors Service and Standard & Poor's Corp.

This summer, the authority chose an underwriting syndicate for its first bond issue, which it hopes to sell early next year. Proceeds from the planned $25 million offering of taxable revenue bonds will be used to fund a space museum at the Kennedy Space Center in Titusville.

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