The risky packaging of loans that led to the financial crisis is resurfacing, Columbia University Center on Corporate Governance Director John Coffee warned Monday.

But instead of asset-backed securities of mortgages made by the big banks, these securities are comprised of consumer loans to the tune of $10,000 and $20,000 a piece by less regulated shadow lenders, said Coffee, one of the most respected financial regulatory academics in the nation.

“I’d like to see some more background from the credit-rating agencies,” said the Columbia University law professors.

Speaking to the North American Securities Administrators Association annual policy conference in Washington, D.C., Coffee cautioned the failure of money market mutual funds could be dangerous to the entire financial system.

He said the Financial Stability Oversight Council should continue to press for tighter mutual fund controls, but added the council of financial regulators is hunkering down after a federal court negated its designation of MetLife as a financial institution large enough and interconnected enough to qualify for increased controls under the Dodd-Frank Act.

The law professor said he thinks the MetLife decision should be overturned.

Looking at the Securities and Exchange Commission, he chastised the regulator for devoting too much of its enforcement effort on insignificant cases like the late filing of forms.

However, he gave the agency good grades for the handling of its whistleblower program for the last two or three years.