Securitization is the process by which asset backed securities (ABS) are created. The assets to be securitised are sold to a special purpose vehicle (SPV), thus isolating the borrower from any claims for repayment. The SPV then issues bonds or other debt instruments which can be traded in the same way as any other security. The money raised by the issuance of the debt is used to pay the borrower for the assets. Mortgages, car loans and credit card loans can be securitised as can future royalties from a pop star's song portfolio.