问题如下图：
选项：
A. 
B. 
C. 
D. 
解释：
看不太明白，求解释一下
NO.PZ2016082405000091 Excess sprea First-loss piece. Guarantor of collatervalue. C The originator often maintains ownership of the first-loss piece, whiis the class of assets with the lowest cret quality anis the most junior level where losses are first absorbein the event of a fault. 请问这个题是什么意思呢？
NO.PZ2016082405000091 A major benefit of securitization for a financiinstitution is the ability to remove assets from the balansheet, whilowers risk anthe requireregulatory capital. While a large portion of the risk is removefrom the balansheet the originating financiinstitution often maintains a portion of the risk. -Whiof the following terms best intify the risk this maintainethe originator? Correlation. Excess sprea First-loss piece. Guarantor of collatervalue. C The originator often maintains ownership of the first-loss piece, whiis the class of assets with the lowest cret quality anis the most junior level where losses are first absorbein the event of a fault. 因为感觉ρ和系统性风险有关，如果ρ出问题，也会导致发行人破产吧？
A major benefit of securitization for a financiinstitution is the ability to remove assets from the balansheet, whilowers risk anthe requireregulatory capital. While a large portion of the risk is removefrom the balansheet the originating financiinstitution often maintains a portion of the risk. -Whiof the following terms best intify the risk this maintainethe originator? Correlation. Excess sprea First-loss piece. Guarantor of collatervalue. C The originator often maintains ownership of the first-loss piece, whiis the class of assets with the lowest cret quality anis the most junior level where losses are first absorbein the event of a fault. 请问这个对应哪个知识点？未在讲义中找到相关
A major benefit of securitization for a financiinstitution is the ability to remove assets from the balansheet, whilowers risk anthe requireregulatory capital. While a large portion of the risk is removefrom the balansheet the originating financiinstitution often maintains a portion of the risk. -Whiof the following terms best intify the risk this maintainethe originator? Correlation. Excess sprea First-loss piece. Guarantor of collatervalue. C The originator often maintains ownership of the first-loss piece, whiis the class of assets with the lowest cret quality anis the most junior level where losses are first absorbein the event of a fault. 麻烦问下我理解的哪里不对银行的风险资产被打包成了资产证券化产品卖给了投资人，银行只收取了利差，当贷款人（资产证券化标的资产）违约时，投资者承担风险，银行不承担，所以这部分资产才得以出表。银行也就是originator为什么会承担equity的风险呀？
