题目
In a securitization, the collateral is initially sold by the:
选项
A.issuer.
B.depositor.
C.underwriter.
答案
B
解析
： B is correct. In a securitization, the loans or receivables are initially sold by the depositor to the special purpose entity (SPE) that uses them as collateral to issue the ABS. A is incorrect because the SPE, often referred to as the issuer, is the purchaser of the collateral rather than the seller of the collateral. C is incorrect because the underwriter neither sells nor purchases the collateral in a securitization. The underwriter performs the same functions in a securitization as it does in a standard bond offering. ： B是正确的。在证券化中，贷款或应收账款最初由存款人出售给特殊目的实体（SPE），后者使用这些贷款或应收账款作为发行资产支持证券的抵押品。 A是不正确的，因为SPE（通常称为发行人）是抵押品的购买人，而不是抵押品的卖方。 C是不正确的，因为承销商既不出售也不购买证券化中的抵押品。承销商在证券化中的职能与其在普通债券发行中的职能相同。