Professor Kenneth C. Kettering of the New York Law School recently reviewed the legal foundations and product growth of asset "securitization" in his article Securitization and its Discontents: The Dynamics of Financial Product Development, 29 CARDOZO L. REV. 1553 (2008).
Interestingly enough, Professor Kettering lists various articles dating back as far as the year 2002 where critics contended that mortgage securitization faciliates "predatory" lending and misleading disclosures . One of the earliest proponents of this thesis was Kurt Eggert's article Held Up in Due Course: Predatory Lending, Securitization, and the Holder in Due Course Doctrine, 35 CREIGHTON L. REV. 503 (2002). Other articles cited are Kathleen C. Engel & Patricia A. McCoy, Turning a Blind Eye: Wall Street Finance of Predatory Lending, 75 FORDHAM L. REV. 2039 (2007), Christopher L. Peterson, Predatory Structured Finance, 28 CARDOZO L. REV. 2185 (2007), David Reiss, Subprime Standardization: How Rating Agencies Allow Predatory Lending to Flourish in the Secondary Mortgage Market, 33 FLA. ST. U. L. REV. 985 (2006).