There's no such thing as a well functioning securitization market

Funny article on DealBreaker about mortgage securitization:

But I don’t know. To have a functioning securitization market, you really do need two things: you need investors who believe that they’re getting what they’ve been promised, and you need originators who believe that they’re offloading the risks they’re trying to offload. Certainty is a key part of the deal for the securitizer, and I sympathize with the securitizers who want a little more certainty than the previous generation ended up with. 

And this is from a securitization skeptic! Originators make the credit decision, and agency risk mean that investors will always be sold something other than what they think they are being sold. The purpose of finance is to make good credit decisions, and securitization undermines this. We need a functioning financial system, which means we should have no securitization market.