This is because the turmoil has made it harder for lenders who fund themselves in capital markets to compete. Some have argued that this requires some type of government intervention in the market, such as setting up a government guaranteed securitisation vehicle.
While it is true that lenders relying on securitisation have lost market share in recent months, it has always been the case that some phases of the economic cycle favour some forms of financing more than others. Securitisation had been strongly favoured over the previous five years of very low global interest rates; now it is at a disadvantage.