So, How’d That Securitization Thing Work Out?

Discuss.

UPDATING: In the deep, dark recesses of my mind, I knew this chart was the result of accounting changes.  But I more or less spaced when I was going through charts at FRED and decided this was discussion-worthy even though I really did know better.  I apologize to all for the brain fart;  I’ll try not to let it happen again.

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