Securitization of consumer revolving credit(think credit cards) is dead. The two charts below from the FRB show that due to accounting rules changes known as FAS 166/167 consumer loans formerly listed as securitized are now carried on the books as the bank’s own consumer loans. There’s been a footnote in the Fed’s releases pointing this out–see note 7 of the October release for example: FRB: G.19 Release–Consumer Credit–November 6, 2009.
The point is that the banks had been able to hide the scale of their exposure to these loans due to the old accounting rules. Now that securitization doesn’t keep such loans off of bank balance sheets, there’s no point in going through the securitization process.
Wasatch Economics 
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