David Davis
From the Daily Mirror, of all places. But I know for a fact that “securitisation” of mortgages went on before 1997. I was written to by the Bank of America (I wonder what became of that?) while living in London with one of their mortgages, sometime in the early 1990s, to say that I was “to be securitised” and sold to some other bank, and did I object?
Not having a blinking clue what it meant, I simply nodded….”whatever”….
So I do think that some ” enhanced financial product development initiative manager” in some bank or other, probably invented the process.
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It’s not “securitisation” of mortgages that caused the crisis, but rather the “securitisation” of sub-prime mortgages that resulted in the mess.
I know.
I was merely pointing out that the Mirror had got it wrong, and the process was well-understood before a pop singer decided to securitise his future royalties.
But that bit of the MSM is catering for (not) bankers etc.