medium · Asset-Backed Securities
In a two-tier SPE structure, why is the first transfer from the Originator to the first SPE (Depositor) critical?
- To achieve a 'true sale' and isolate assets from the Originator
- To allow for the mix of different asset types into a single pool
- To provide the initial overcollateralization for the bonds
- To act as the master servicer for the transaction
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