Which of the Following Is Not a Step in a Loan

Which of the following is not a step in a loan securitization?

A) Banks keep pools of loans on their books to be able to service and monitor these loans and pay investors that purchase mortgage backed securities (MBS) .
B) Banks sell pools of loans on a recourse basis to a limited purpose corporation or special enterprise vehicle.
C) A Limited Purpose Corporation (LPC) buys the loan pool and a trust company is set up to purchase loans from the LPC, and the trust company packages the loans into certificates that can be sold to investors.
D) An agency rates the issue with often a reserve for losses as well as credit guarantees from large credit worth banks included to gain a favorable rating.