Isn't the problem the creditors exposed to the SPVs though? Meta, and others might be shielded from it but there's someone on the other end of these debts, if

Isn't the problem the creditors exposed to the SPVs though? Meta, and others might be shielded from it but there's someone on the other end of these debts, if the SPVs are accruing massive amounts of debt and go bankrupt there are lots of obligations that will go unfulfilled, bringing the whole house down. It's quacking very similar to other accounting tricks, caham, financial engineering, to hide bad numbers somewhere else. CDSs and CDOs were a different mechanism with the same purpose: hide risk away into overly complex instruments.