Please help me answer this multiple choice question.

One difference between a Special Purpose Vehicle (SPV) and a Structured Investment Vehicle (SIV) is that the

1. SIV can potentially earn an expected spread between its high-yielding assets and the relatively short-term, low cost funds that it borrows in addition to servicing fees.

2. SPV retains ownership of the loans while the SIV sells the loans without recourse so the loan rights are transferred to the investor.

3. SPV may have a line of credit or a loan commitment from the sponsoring institution if a loan goes bad and it cannot make payments to investors; the SIV has no such arrangement.

4. SIV is just passing cash flows it receives through to the ultimate investor; the SPV has fixed payment obligations that must be met regardless of cash flows received on the loan portfolio

5. SPV is formed by depository institutions and the SIV is formed by non-depository institutions.

Thanks.