Which one of the following is not true about privately issued passthroughs (PIP)
A) They are similar to "Ginnie Maes" in that they are backed by mortgages that qualify for FHA or VA guarantees.
B) PIPs are issued by private institutions or mortgage bankers.
C) They are similar to "Ginnie Maes" except that they are backed by conventional mortgages that do not qualify for FHA or VA guarantees.
D) They are typically used to securitize large, non-conforming mortgage loans called jumbo loans.
