Living on the Edge: Securitization Supervision and Characterization Problems

What is securitization? Before the 2007-2008 crisis it was a somewhat obscure technique; afterwards its has then been characterized as a destructive innovation, or hailed as a mechanism to enhance the liquidity of the secondary market for credit. The debate has improved our knowledge of how securitization works; but that has put us nowhere near characterizing it in legal (or regulatory) terms.

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