This chapter examines one context in which contracts and debts are transferred — as banks and bank subsidiaries ‘sell’ their own assets, i.e. their loans, mortgages, credit card receivables, and so on. Commercially speaking, this divides into loan sales and securitization. Among the various motivations for these transactions are to reduce risk, to meet capital requirements, to allow for new lending, and to take advantage of financial and commercial opportunities. Securitization was abused, with many risky loans repackaged and sold as highly rated securities. Its contribution to the global financial crisis in 2008 made it unpopular. However, it remains significant as a financing technique. Before examining loan sales and securitization, the chapter lays out the different legal techniques for transferring debts and contractual rights.
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16. Loan Sales and Securitization
Ross Cranston, Emilios Avgouleas, Kristin van Zweiten, Theodor van Sante, and Christoper Hare
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35. Crime prevention and community safety
Adam Crawford and Karen Evans
This chapter traces and evaluates both the historic emergence of the modern ‘preventive turn’ as well as the elaboration and institutionalization of crime prevention and community safety over the last thirty years or so. Focusing on the UK, the evolution and changes over time are situated, where relevant, in a broader international context. The chapter identifies three distinct periods of development that structure the shifts in crime prevention policy and practices from the 1980s to the present day. It explores the conceptualization, take-up, and advancement of a preventive mentality and practices in relation to situational, social, and developmental crime prevention as well as community safety. It goes on to assess the institutionalization of preventive partnerships and early intervention as distinct forms of governance and their implications for ‘responsibilization’ and ‘securitization’. In conclusion, it reflects upon the journey travelled thus far as well as possible future directions in an age of austerity.
