Abstract: A financing enterprise (100) cooperatively owned by at least three originators (110) of financial instruments, no single originator owning 50% or more of the financing enterprise. The originators and financing enterprise cooperatively specify underwriting standards for financial instruments (120). The financing enterprise purchases financial instruments from the originators and aggregates them into pools for resale (130, 132, 140) in the financial markets (102). No single originator has 50% or more representation in any pool. The financing enterprise only purchases financial instruments conforming to the underwriting standards, though the originators are free to originate other financial instruments, and financing enterprise is not bound to purchase all financial instruments tendered by the originators. The financing enterprise may offer the financial instruments in the form of structured securities (140) backed or secured by the financial instruments. The securities include a first loss piece (148).