Yes, some people successfully shorted the housing market. But they did not use bearer instruments to take their positions. https://en.m.wikipedia.org/wiki/Bea

Yes, some people successfully shorted the housing market. But they did not use bearer instruments to take their positions. https://en.m.wikipedia.org/wiki/Bearer_instrument https://en.m.wikipedia.org/wiki/Bearer_instrument Also, counter party risk was a major issue during that financial crisis.