# Securitization

Securitization is treated as an interconnected process and meaning field. The chapter moves from grounded mechanisms to incentives, risks, history, relationships, mapshifts, and human consequences.

## Core traversal

- [Mortgage-Backed Security](../nodes/capital-markets/mortgage-backed-security.md) — Mortgage-Backed Security turns pools of individual promises into tradable capital-market claims
- [Agency MBS](../nodes/capital-markets/agency-mbs.md) — Agency MBS turns pools of individual promises into tradable capital-market claims
- [Private-Label RMBS](../nodes/capital-markets/private-label-rmbs.md) — Private-Label RMBS turns pools of individual promises into tradable capital-market claims
- [Commercial Mortgage-Backed Security](../nodes/capital-markets/commercial-mortgage-backed-security.md) — Commercial Mortgage-Backed Security turns pools of individual promises into tradable capital-market claims
- [Pool](../nodes/capital-markets/pool.md) — Pool turns pools of individual promises into tradable capital-market claims
- [Pass-Through Security](../nodes/capital-markets/pass-through-security.md) — Pass-Through Security turns pools of individual promises into tradable capital-market claims
- [Special-Purpose Vehicle](../nodes/capital-markets/special-purpose-vehicle.md) — Special-Purpose Vehicle turns pools of individual promises into tradable capital-market claims
- [Trust](../nodes/capital-markets/trust.md) — Trust turns pools of individual promises into tradable capital-market claims
- [Tranche](../nodes/capital-markets/tranche.md) — Tranche turns pools of individual promises into tradable capital-market claims
- [Waterfall](../nodes/capital-markets/waterfall.md) — Waterfall turns pools of individual promises into tradable capital-market claims
- [Credit Enhancement](../nodes/capital-markets/credit-enhancement.md) — Credit Enhancement turns pools of individual promises into tradable capital-market claims
- [Overcollateralization](../nodes/capital-markets/overcollateralization.md) — Overcollateralization turns pools of individual promises into tradable capital-market claims
- [Subordination](../nodes/capital-markets/subordination.md) — Subordination turns pools of individual promises into tradable capital-market claims
- [Securitization Era](../nodes/events/securitization-era.md) — Securitization Era preserves the lineage that made today's property and mortgage systems feel normal

## How to read this chapter

Follow claims and cash flows separately. Ask who holds authority, who supplies information, who receives benefit, who carries risk, and what changes when time or scale changes. Keep sourced fact, industry practice, synthesis, interpretation, and symbolic expression distinguishable.

## Mapshifting prompts

1. Change the unit of analysis from property to right, loan, cash flow, role, record, neighborhood, or institution.
2. Change the clock from closing day to thirty years, one market cycle, one building life, or several generations.
3. Change stakeholder and ask which previously invisible cost becomes central.
4. Return to the human map before choosing a move.

## Sentinel handoff

Legal, regulatory, fair-lending, historical, financial, cultural, and jurisdiction-specific annotations remain separate from Engine Output. They inform contextual use without flattening the graph.
