Loan securitisation disperses risk through the financial system and reduces the chances of a banking collapse.

贷款证券化将风险并且分散到金融系统不同的环节，由此降低了银行破产的风险。

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Many European Banks used securitisation to fund the expansion of their loan books in the boom (see chart 7).

许多欧洲银行在繁荣期通过证券化实现了贷款的迅速扩张(见表7)。

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The conventional methods of managing credit risk, such as diversification, bank loan sales, and asset securitisation, offer only a partial solution to controlling credit risk exposure.

传统的信用风险管理办法，例如分散化，银行贷款出售和资产证券化，只提供了控制信用风险暴露的部分办法。

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Securitisation created a serious agency problem, leaving loan originators, who were paid up-front, with no incentive to avoid bad credits and every reason to piggyback inappropriate products onto good ones (in one particularly depressing tale, a retired postal worker whose mortgage is almost paid off is switched to an interest-only product that leaves him in danger of losing his home).

ECONOMIST: The credit crunch

At the same time, ever more layers of securitisation have separated the original lender or broker of a loan from the ultimate bearer of credit risk.

ECONOMIST: Assets and their liabilities

In mortgage securitisation, for instance, the lender is supplanted by the broker, the loan originator, the servicer (who collects payments), the investor and the arranger, not to mention the rating agencies and mortgage-bond insurers.

ECONOMIST: Securitisation