In the old days, when borrowers found it impossible to make their payments, mortgages would be restructured; foreclosures were bad for both the borrower and the lender. Securitization made debt restructuring difficult, if not impossible.
在过去，当借款人发现无法负担他们的还款时，按揭贷款就会从新组合；抵押赎回对借贷双方都不是好事。证券化使债务重组变得困难（如果不是不可能的话）。