After a period of record new loan creation, issuance is easing as the front-loading of new lending runs its course and Banks become more mindful of credit risk.

BoA ran up record losses and became a magnet for litigation after its purchase of Countrywide, once the US's largest sub-prime home loan firm.

A loan participation is a back-to-back arrangement where the lender of record manufactures payments to the participation party equal to receipts on the loan in return for funding or an indemnity.