Herring, Richard J.; Kane, Edward J. - In: Journal of Applied Corporate Finance 21 (2009) 1, pp. 28-33
Assets securitized by private companies reached a peak of nearly $12 trillion in 2008, an amount nearly equal to the entire stock of credit intermediated in traditional ways by the world's banking systems. Failures of care and diligence in the origination, rating, and securitization of subprime...