Which of the following is NOT true?

a.

Rather than selling the asset-backed securities directly to investors in order to raise cash, Structured Investment Vehicle (SIV) sells commercial paper or bonds.

b.

The SIV holds the loans purchased from the banks on its own balance sheet until maturity.

c.

The major difference between a SIV and a traditional bank is that the SIV cannot issue deposits to fund its asset base.

d.

Special Purpose Vehicle (SPV) investors have no direct rights to the cash-flows on the underlying loans in the portfolio.

e.

Both option B and option D