La titulización, también conocida por el anglicismo securitización, es una técnica financiera que consiste en la transferencia hacia un inversor de activos financieros que proporcionan derechos de crédito (como por ejemplo facturas emitidas y no saldadas o préstamos en vigor), transformando esos derechos de crédito, mediante el paso a través de una sociedad ad hoc, en títulos financieros emitidos en los mercados de capitales. Una titulización tiene lugar reagrupando en una misma cartera un conjunto de derechos de crédito de naturaleza similar (por ejemplo, préstamos inmobiliarios, créditos al consumo, facturas del mismo tipo, etc.) que son cedidas a una estructura ad hoc (sociedad, fondo o trust) que financia el precio de compra colocando los títulos entre los inversores. Los títulos, que suelen adoptar la forma de bonos, representan cada uno una fracción de la cartera de derechos de crédito titulizados y dan el derecho a los inversores de recibir pagos por los derechos de crédito (por ejemplo, cuando las facturas son pagadas, o cuando los préstamos inmobiliarios generan sus pagos de la mensualidad) bajo la forma de interés y de reembolso del principal. La titulización puede, igualmente, tener por intención solamente la transferencia a los inversores del riesgo financiero ligado a los activos concernidos. En este caso, los activos no son vendidos, pero el riesgo o una parte del riesgo transferido es transferido gracias a la técnica de la titulización sintética.

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Securitization is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations (or other non-debt assets which generate receivables) and selling their related cash flows to third party investors as securities, which may be described as bonds, pass-through securities, or collateralized debt obligations (CDOs). Investors are repaid from the principal and interest cash flows collected from the underlying debt and redistributed through the capital structure of the new financing. Securities backed by mortgage receivables are called mortgage-backed securities (MBS), while those backed by other types of receivables are asset-backed securities (ABS). Critics have suggested that the complexity inherent in securitization can limit investors' ability to monitor risk, and that competitive securitization markets with multiple securitizers may be particularly prone to sharp declines in underwriting standards. Private, competitive mortgage securitization played an important role in the U.S. subprime mortgage crisis. In addition, off-balance sheet treatment for securitizations coupled with guarantees from the issuer can hide the extent of leverage of the securitizing firm, thereby facilitating risky capital structures and leading to an under-pricing of credit risk. Off-balance sheet securitizations also played a large role in the high leverage level of U.S. financial institutions before the financial crisis, and the need for bailouts. The granularity of pools of securitized assets can mitigate the credit risk of individual borrowers. Unlike general corporate debt, the credit quality of securitized debt is non-stationary due to changes in volatility that are time- and structure-dependent. If the transaction is properly structured and the pool performs as expected, the credit risk of all tranches of structured debt improves; if improperly structured, the affected tranches may experience dramatic credit deterioration and loss. Securitization has evolved from its beginnings in the late 18th century to an estimated outstanding of $10.24 trillion in the United States and $2.25 trillion in Europe as of the 2nd quarter of 2008. In 2007, ABS issuance amounted to $3.455 trillion in the US and $652 billion in Europe. WBS (Whole Business Securitization) arrangements first appeared in the United Kingdom in the 1990s, and became common in various Commonwealth legal systems where senior creditors of an insolvent business effectively gain the right to control the company.There are main players in securitization, they include investors, securiters and corporates.

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