Credit Crunch hypotheses…interesting idea No-378B :-
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.