The securitization market freeze during the financial crisis of 2007-2008 affected bank lending to businesses. By analyzing data from the Italian Credit Register, researchers found that banks that relied more on securitizing loans before the crisis were more likely to tighten credit supply. This led to lower credit growth, higher interest rates, decreased chances of getting a loan approved, and higher chances of ending banking relationships for businesses. The study suggests that the securitization freeze played a role in reducing overall credit availability.