The Law of Transnational Securitization

Securitization has been one of the most successful financial transactions in living memory. Although it gained notorious reputation as a result of the 2007-2008 financial crisis, neither the crisis was due to securitization, but to its pathological use, nor can modern financial markets, especially the secondary mortgage and credit market, survive without securitization. Despite its importance, however, there have been few attempts to explain the implications for different branches of the law, and even fewer of those have been comprehensive. This book tries to bridge that gap, focusing on securitization's different angles, including the patrimonial (debtor-creditor relationship), liability, governance, regulatory, conflicts of laws and cross-border aspects, using a comparative perspective that examines the experience of the United States and United Kingdom, but also Spain, France, Italy, Luxembourg, and specific examples from other jurisdictions from all the continents, as well as uniform guidelines from international regulatory and standard-setting bodies.