Which one of the following is NOT true in regards to the Special Purpose Vehicle (SPV) and the Structured Investment Vehicle (SIV)?

a.

SIV packages the loans together and creates new securities backed by the cash flow from the underlying loan portfolio.

b.

The SPV earns fees from the creation and servicing of the newly created asset-backed securities.

c.

In SPV-based securitization, the underlying loans in the asset pool belong to the ultimate investors.

d.

Both a and b

e.

Both b and c