Historical view of securitization:

Before the 1970s banks lent to customers and keep loans portfolios till the due date, by financing thanks to the deposits of their customers. The surge of the credit after World War II forces banks to find new resources, particularly with securitization debut, first applied to home loans then it more and more spread to other products.

The securitization of assets started in the United States in the 1970s. In February 1970, the American department of housing and urban development completes the first true securitization, on home loans.

In 1985, the market developed thanks to the addiction of successive improvements like the use of Special Purpose Vehicle or of a third party. It has enabled securitization of an asset for the first time, other than a portfolio of home loans, in this case credits for the purchase of cars. These kinds of assets are still one of the most securitized products. This operation was a securitization amounting to 60 million dollars made by the Marine Midland Bank.

In 1986, the first securitization of the credit portfolio of credit cards took place, amounting to 50 million dollars.
In 1988, the French regulation is fitted to allow the securitization by using the mechanism of claims equity.
From the 1990s, securitization spreads to products coming from insurance, with issues that reach 15 billion dollars in 2006.

In 2004, and according to the Bond Market Association, the sum total of securitized amounts in the United States was up to 1,8 trillion of dollars, that is about 8% of the sum total of duties market (2,6 trillion) or 39% of the sum total of firms debts. It is the result of a medium raise of 19% in nominal value during the period of 1995-2004. This year marks an historical record with issues up to 900 billion dollars.

In 2006, the United Kingdom represented 52% of the issues out of CDO. It was followed by Spain, Germany and the Nederland. With 7, 7 billion dollars of issues on a European market of 370, 9 billion dollars, France was the 5th.
The actual market is mainly American and European.