Second, with the availability of such technology, and the belief that such information was available on a structured basis, a great deal of financial innovation could take place which essentially enabled the investor or risk taker to become progressively remote from the ultimate borrowers where the actual risks lay.
A whole host of intermediaries in the form of mortgage brokers, mortgage companies, societies and the like were then able to package their mortgage assets including non conforming loans and sell down to different categories of investors, including Special Investment Vehicles (SIVs), hedge funds and the like, most of whom were not regulated.