Why (and How to) Define Securitization? A Sur-Reply to Professor Schwarcz
85 S. Cal. L. Rev. 1301 (2012)
13 Pages Posted: 27 Feb 2013 Last revised: 13 Mar 2013
Date Written: February 28, 2013
This brief essay is a reply to Professor Steve Schwarcz's essay, "What is Securitization? And for What Purpose?" Professor Schwarcz's essay is a response to my article, "Re: Defining Securitization," 85 S. Cal. L. Rev. 1229 (2012).
My reply explores the strengths and weaknesses of Schwarcz's critique. Among other things, I point out that Professor Schwarcz would defer excessively to market actors to define important legal terms at the expense of clarity and uniformity. Moreover, he at times appears to contradict his own definitions of what is (and is not) a securitization.
As a leading authority on securitization (however defined), I am nevertheless grateful for Professor Schwarcz's thoughtful contribution to this discussion.
Keywords: securitization, structured finance, commercial finance, corporate finance, steven schwarcz, stipulative definitions
JEL Classification: K12, K22, K23
Suggested Citation: Suggested Citation