After the financial markets slumped worldwide in 2008, securitizations were seen as a major cause of the conflagration. The securitization market dried up because this financial instrument was no longer trusted. At the time, no one thought securitizations had any future as a financial innovation. However, just three years after the financial meltdown, the securitization market in the US has made a recovery, despite its continued systemic risks. There is still no unified regulatory framework nor binding transparency. Hardly anything has been learnt from the financial crisis of 2008.