When the Lord closes a door he always opens a window

Yes folks, that’s what Julie Andrews says in the Sound of Music, and this week, amidst the ruins of all those securitised sub-prime loans, the International Financial Law Review tells us that the first rated securitization of subordinated microcredits securitisation took place. It was more involved than your average securitisation, but it’s great news for the micro-borrowers of the developed world.  And more plaudits for the already very famous Muhammad Yunus of Grameen Bank and Nobel Prize winning fame, and the less famous Australian who started building his own philanthropic micro-credit operation at about the same time (actually it seems several years Yunus) – David Bussau.

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