Before defining the term securitization it is necessary to distinguish between the terms of securitization and those of disintermediation. Gardener and Revell (1988) stated that they have a huge area of ​​intersection while each concerns a different phenomenon. Disintermediation is the opposite of direct financing where the facilities of an intermediary are dispensed with and borrowers and investors transact directly with each other. The connection between the two terms appears when direct financing is carried out in terms of marketable securities. A notable feature of securitization is the excessive increase in the issuance of all types of securities, both traditional and new. As a distinction, what falls under the term securitization rather than disintermediation, for example, is loan debt that is exchanged from one institution to another and known as asset-backed financing. It is important to note that there are numerous different securities markets where the securitization technique has helped introduce new securities and markets, satisfying the missing types; or as called filling the gaps. In general, the effect of securitization is to separate severe credit risk into credit risk dedicated to numerous notes to be transferred to a buyer. However, commonly, the bank is left with some sort of obligation (Gardener and Revell, 1988). An essential part of the originate-to-distribute model (OTD model/securitization model) is that securities are rated by rating agencies. Regardless of the level of sophistication of the securitization business, the main underlying concept is that if the bank fails, the special purpose vehicle will not be affected. In other words, the special purpose vehicle will not fail due to the failure of the bank. This is known as Bankruptcy-remote. Hence, asset-backed… the paper medium… credit accessibility, financing costs and product alternatives (Taylor, 2009: 144). Furthermore, it is essential to keep in mind that for the whole process to work fully, the SPV must be far from bankruptcy from the bank and vice versa. However, if this does not appear to be the case, it means that the risk has not been completely shifted and that the bank is still left with some sort of liability. However, in the period of financial crisis, the case was that a special purpose vehicle could fail far from the bank, and the bank could decide to secure its status by backing the vehicle or by repurchasing the securitized assets or by extending its loans during a financial crisis . This could be a selective choice in situations where the bank decides to carry out excessive securitization in the near future in order to maintain the securitization approach.