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 c