LEWIS RANIERI
Father of mortgage-backed bonds; former bond trader and Vice Chairman of Salomon Brothers who coined the term securitization, which means the issuer will make a financial instrument by combining other assets and marketing tiers of the repackaged instruments that is to be sold to investors. Initially, mortgage-backed securities were only acknowledged by some states as legitimate investments. Eventually, Ranieri's actions led to federal government measures, which support these securities as a valid investment asset class, as well as the development of the bond market.
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