Which of the following statements is false with respect to the characteristics associated with mortgage pass-through securities?

A. The prepayment privileges that mortgagors possess is effectively the equivalent of issuing straight debt and then purchasing a bond call option.

B. The passthrough coupon rate that MBS investors will receive will always be slightly less than the mortgage rate applicable to the pool.

C. The timing of the cash flow stream from a mortgage passthrough security is just as uncertain as that of a callable bond.