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Which description about “Mortgage Backed Security” is incorrect?
A.
MBS is a type of asset-backed security that is secured by a mortgage or collection of mortgages.
B.
It usually pays periodic payments that are similar to coupon payments.
C.
It’s the core holding of almost all U.S. institutional fixed-income investors.
D.
The mortgage does not need to have originated from a regulated and authorized financial institution.