Keeping those loans on the books would have meant that a bank would have had to incur a large capital adequacy provision and monitor the loans’ performance, at a cost to itself. Securitization avoided such costs and placed the new product advantageously – with the complicity of rating agencies, which stood to profit from investors’ inexperience and lack of information.
银行将这些贷款记在账上意味着，它将不得不满足巨额的资本充足要求，并且要自己花钱监控贷款的使用。银行将贷款证券化避免了这样的成本，并且在利用投资者的经验不足和信息缺乏获利的评级机构的帮助下，很容易处理这样的新产品。而各个机构的管理人员获得大量的奖金，股权持有人受到有限责任的保护。