This book investigates the complex financial mechanism of securitization and its implications. Tamar Frankel, a distinguished scholar in law and finance, examines the historical development and legal underpinnings of securitization, a process that transforms illiquid assets into marketable securities. The book analyzes the various parties involved, the risks and benefits, and the regulatory environment surrounding these financial instruments, particularly in the context of the mid-1990s.

The book is recognized as a foundational text for understanding securitization from both legal and economic perspectives. Its detailed examination of the mechanisms and regulatory landscape of the mid-1990s provides crucial historical context. Scholars and practitioners have cited Frankel's work for its clarity in dissecting complex financial structures. The authority perspective suggests this work offers a rigorous and comprehensive overview for those seeking to grasp the intricacies of asset-backed securities.