The global financial crisis substantially hit securitization markets in Europe. Losses on a wide range of securitized assets with the AAA-rating led to a number of writedowns of big financial institutions and to a slump in investor demand. However, securitization still plays a significant role as a source of external financing for banking system in Europe. Many countries have recognized this role of securitization and have identified the reviving of the ABS markets as an important tool for restoring liquidity and stability in the financial system. Germany and Russia are among these countries. The aim of this article is to highlight both countries’ peculiarities in conducting securitized transactions before and during the period of crisis, under different legal and economic frameworks. The analysis shows that securitization was applied in financial systems in Eastern European countries at the early-Two thousand. However, the stage of development of this market and regulation overseeing securitization is much lower than in countries with mature financial systems, like Germany. Russian banks securitized residential mortgages, leasing receivables or credit card, while in Germany banks securitized broad range of assets with a dominance of residential mortgages. In both types of markets important roles fulfill governmental housing agencies, responsible for refinancing residential property loans. The global financial crisis hit both types of markets and shifted investors’ focus on securitization of lower-risk assets, partly guaranteed by the government.

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