TY - JOUR T1 - Securitization as a Technique, Not a Product JF - The Journal of Structured Finance SP - 18 LP - 25 DO - 10.3905/jsf.2012.18.3.018 VL - 18 IS - 3 AU - Julian Tucker Y1 - 2012/10/31 UR - https://pm-research.com/content/18/3/18.abstract N2 - Traditionally, securitization has been viewed as a product although it could more properly be described as a financing technique. This article looks at the history and background of securitization since its inception in the early 1980s and discusses why labels can be misleading and, in some instances, dangerous. It addresses the development from “true sale” to “whole business securitization,” including differences between the U.S. Bankruptcy Code and the U.K. Insolvency Act. It concludes with a brief examination and commentary on the E.U. Capital Requirements Directive and some of the dangers that arise when regulators stretch a concept too far.TOPICS: CMBS and commercial mortgage loans, asset-backed securities (ABS), MBS and residential mortgage loans ER -