And I suppose you could securitize loans in judaism.
You can make non-recourse loans in halacha, so that would be a ?? ??? ?? ????? ??? ???. So suppose you have 100,000 non-recourse home loans, you could pool them together (you don’t really need a special purpose vehicle), and then put the cash flows into tranches (so that the top tranche is entitled to the first money that comes in, then the second tranche gets when the first one is paid off, etc), and sell off the rights to the cash flows ????? ?????.
(You might imagine the senior ones will be highly rated AAA since there is little chance that the top ones won’t at least be paid off. Then, you could take the middle ones, and resecuritize them, by pooling them with middle ones from other pools, and again separate those into tranches, and those top ones would also be AAA rated, and you might call that a Collateralized Debt Obligation, if you want.)
And that, my friends, is the simplest explanation of RMBS (Residential Mortgage Backed Securities) you have ever read.