Who bears the risk in securitization?

In the world of finance, securitization is a complex process that involves pooling various types of assets and converting them into securities that can be sold to investors. But one question that often arises is: Who bears the risk in securitization? Is it the originator of the assets, the investors who purchase the securities, or perhaps both? And how are these risks mitigated to ensure that everyone involved in the process is protected? As a professional practitioner in the field of cryptocurrency and finance, I believe it's important to thoroughly understand the risks associated with securitization and the mechanisms in place to manage them.