Asset-backed securities are debt instruments secured by installment loans or leases or revolving lines of credit. Common ABS collateral includes credit card receivables, automobile loans, automobile lease, mobile homes, and home equity loans. The ABS can be in the form of a pass-through or in a REMIC. Depending upon the structure, the investor either receives a pro rata share of the principal and interest payment or a structured payment. Much of the above information is courtesy of the FDIC.