Which of the Following Statements Is NOT True About Asset-Backed

Which of the following statements is NOT true about asset-backed securities (ABS) ?

A) ABS are issued by a legal entity called a special purpose vehicle (SPV) .
B) ABS SPV assets consist of a collection of loans.
C) ABS are tranched so that the cash flows follow a "waterfall."
D) ABS are sometimes called structured debt.
E) ABS are very similar to corporate debt.