Résumé:
Securitization is a modern financial technique that first appeared in the United States in the early 1970's. It was created by financial professionals in search of practical solutions to the difficulties they faced in the search for financing and refinancing real estate, using the techniques of financial and legal engineering that were developed at that peridod. In order to design a financial structure by which a financial institution transfers some of its receivables, often mortgage loans, to a facility established specifically for this purpose called the securitization facility, which is then issued against the financial assets transferred to it. The financial market is geared towards the public and professional investors. After that, securitization evolved to include other types of receivables and achieve more economic benefits, and spread in many countries of the world, including Algeria, where the law securitized mortgage loans in 2006.
The emergence of securitization has contributed to the emergence of an advanced financial environment and a wave of liberalization of laws, regulations and regulatory bodies as a result of the neoliberal school ideology and the growing importance of financial markets in the early 1970s in the United States of America. And on the notion of the contract and the principle of autonomy of will of the contracting Parties,to rule the economic relations. In addition, the flexibility of the Anglo-Saxon rule in terms of property was of a great help, as well as the existence of the Trust, which was used as a facility for securitization, which is not possible under the civil law
systems of Romano- Germanic origin, which required special rules to overcome the legal difficulties. General rules in their laws, and in particular with regard to assignment
transfer receivables and the implementation of private securitization facility, similar to
the Altrust Foundation, in order to carry out the process of securitization.
Securitization is a complex and sophisticated technique that functions as a system of
interconnected parts that interact with each other to achieve specific goals. It is also a
technique that requires continuous monitoring to avoid diversion. It has been accused of
being the main cause of the 2008 global financial crisis, that turned out to be not true.
The crisis came as a result of the failure of the regulations and regulators that governed
the financial system as a whole. So legislators reformed it, and securitization became
part of the financial system. It is useful if used correctly and rationally.
