Which of the following contributes to the fact that loan participations are riskier than loan assignments?

a$)$ The buyer of the loan faces the dual risk exposure and monitoring cost, le$,$ a risk exposure to the borrower and a risk exposure to the loan$-$selling Fl$.$

b$)$ Loan participations are made in larger denominations than are loan assignments.

c$)$ loan participations are, in general, sold without recourse.

d$)$ Loan participations are, in general, sold with partial recourse.

e$)$ None of the above