A Collateralized Mortgage Obligation (CMO): (A) is a financial derivative that has no purpose other than to provide a tool for investors to speculate on the housing market. (B) can add economic efficiency to the housing market by introducing tranches that enable the level of risk of the assets to be matched with investors preference for risk. (C) can only be issued by financial firms that are subject to government regulations. (D) provides insurance against default on a mortgage contract.