Similarly, the move from a lending model of “originate and hold” to one of “originate and distribute” based on securitization led to a massive transfer of risk. No player but the last in the securitization chain was exposed to the ultimate credit risk; the rest simply raked in high fees and commissions.
另一个结果是，放贷模式由原来的“发起—持有”转向以证券化为手段的“发起—出售”，导致大规模风险转嫁。最终承担信贷风险的人成了证券化链条上接最后一棒的买家，他们的上家却赚取了大把的佣金。