17 Pages Posted: 3 Feb 2012 Last revised: 28 Dec 2014
Date Written: January 7, 2013
In Re: Defining Securitization, Professor Jonathan Lipson attempts to define a “true” securitization transaction. My article engages Lipson’s, exploring how securitization should be legally defined. As a starting point, even a normative approach to defining a financial concept should be pragmatic, taking into account how the concept is used in the real world. The definition also should take into account dynamically changing financial markets and, in what I call an audience-adaptive approach, the different perspectives of policymakers and lawmakers, market participants and their lawyers, regulators and judges, and other members of the “audience” affected by the definition.
Suggested Citation: Suggested Citation
Schwarcz, Steven L., What is Securitization? And for What Purpose? (January 7, 2013). Southern California Law Review, Vol. 85, No. 5, 2012. Available at SSRN: https://ssrn.com/abstract=1996670