There is also another way in which owners of mortgage-backed securities could be hurt. As regulators debate the merits of new rules on abusive lending—the Federal Deposit Insurance Corporation is keen, the Federal Reserve sceptical—some politicians in Washington, DC are pushing the notion of “assignee liability”, which would hold secondary-market investors responsible for homeowners' losses. Never mind that the most forceful attempt to introduce this so far, in Georgia in 2002, ended in disaster. As securitisation dried up, so did the primary-lending market. The law was amended in 2003.

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