Securitization began to be used as
structured finance technique in the U.S. in 1970, being a
modality of financing against receivables used by companies
in order to allow them to raise liquidities from lenders
otherwise inaccessible and at rates of interest which are
lower than those imposed by financial and credit
institutions. The originator transfers receivables, by
means of assignment, to a special created entity that will
issue and sell notes to interested investors. The main
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