Moreover, securitization contributed to bad lending: in the old days, banks that originated bad loans bore the consequences; in the new world of securitization, the originators could pass the loans onto others. (As economists would say, problems of asymmetric information have increased.)
另外，证券化也为不良贷款火上浇油：在过去，产生不良贷款的银行自食其果；但在证券化的新世界里，坏账的始作俑者可以将其转嫁给他人。（就像经济学家们会讲，信息不对称的问题更严重了。）