The creation of asset-backed securities (ABS).  The assets to be securitized are sold to a special purpose vehicle (SPV), thus isolating the borrower from any claims for repayment.  The SPV then issues bonds or other debt instruments which can be traded.  The money raised by the issuance of the debt is used to pay the borrower for the assets.  Mortgages are one example of a security which can be securitized.