Which of the following statements about mortgage$-$backed securities is FALSE?

When you buy a mortgage$-$backed security, you are getting a share of the cash flows from many mortgages.

The process of securitizing mortgages into mortgage$-$backed securities has over the long term helped to lower interest rates

on mortgages, because these securities can be sold to more investors for higher prices compared to non$-$securitized

mortgages. Higher prices for these fixed$-$income securities lead to lower interest rates on the loans.

You can buy different tranches of mortgage$-$backed securities which vary in riskiness by giving the safe mortgages to the safe

tranche and risky mortgages to the risky tranche.

Mortgage$-$backed securities are one type of securitized debt. Other types of debt have been securitized as well.