A CMO or a pass-through differs from an Mortgage Backed Bond (MBB) in that

I. the MBB does not result in the removal of mortgages from the balance sheet. II. a MBB holder has no prepayment risk. III. cash flows on a MBB are not directly passed through from mortgages.

A. I, II, and III B. I and II only C. II and III only D. I and III only E. I only