17. The following quotation is from Theodor Baums:

The slowest process of all has been the process of establishing the legal framework for securitization in individual countries. Those countries which have been successful in doing so have found themselves home to many special purpose vehicles issuing securities backed by assets from their own and/or foreign countries. Nevertheless for most countries the process has been slow up to now.

Explain what the author is referring to in the above quotation.