Before revision:  Asset backed securities have been extensively criticised for creating a moral hazard in loan issuance by removing any incentive on the lender to ensure that the recipient of such loans could repay them.
After revision:  Asset backed securities have been extensively criticised for creating a moral hazard in loan issuance and an associated increase in default risk, by removing the immediate lender's incentive to ensure that the recipient of such loans could repay them.