Which statement(s) about the so-called Special Purpose Vehicle in the context of Residential Mortgage Backed Securities (RMBS) is/are true?

I) The SPV is legally independent of the originating bank

II) The bonds that are issued by the SPV all have the same level of seniority

III) In addition to bonds, the SPV can also issue equity

IV) The ability of the SPV to repay bonds is not affected by defaults of its individual mortgages

A. I and II only

B. I and III only

C. II and IV only

D. III and IV only

E. none of the above