Asset backed securities aren't really new: funnily enough, the same models that are used to price and work with mortgage backed securities can be rapidly hacked

Asset backed securities aren't really new: funnily enough, the same models that are used to price and work with mortgage backed securities can be rapidly hacked to work for credit card debt, mobile homes and well, pretty much anything else out there. Someone's buying it, so the banks are making the sausage again. Such is life.