Joseph Mason: Exposing the insecurities
Securitisation markets are in need of reform, but are lawmakers going about it the right way?
As the US Congress considers reforming the securitisation markets, it is apparent there is a split in the industry over the meaning and intent of that reform. It is not clear whether lawmakers desire a self-sufficient securitisation market. Moreover, legitimising some of the recent failed securitisation arrangements risks subsidising the worst industry practices.
Without proper scrutiny, securitisation
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