RHG Limited (formerly Rams) said in a statement to the ASX yesterday that it was proposing to restructure two series of mortgage-backed bonds on which the firm would otherwise pay higher interest margins. There are $620 million in mortgages still funded through the two trusts, first sold to investors in 2001 and 2002.In more liquid and settled markets RHG (or any other mortgage funder) would repay the outstanding loans through a warehouse facility and then refinance the loans through a future securitisation. Reuters reported that RHG is proposing to pay 85 basis points over the three-month swap on the senior bonds on this trust, up from a spread of 39 basis points currently, and to pay a spread of 100 basis points on the subordinated notes.In a statement to the ASX, which did not address this pricing, RHG said it proposed to chip in $720,000 as further "credit support" on the first of these trusts, which it said should result in a higher credit rating on the subordinated tranche of that transaction. In addition RHG proposed to shift the call date back two years to 2010, and to add five basis points to the penalty interest margin if the loans were not paid then.RHG has another $1.1 billion in mortgage-backed securities subject to calls in the second half of this year.The company said in a separate statement to the ASX that it had in-principle agreement from a funder to refinance a $660 million warehouse facility that expires next week. RHG has a further $7.3 billion in warehouse lines to refinance over the remainder of this calendar year.