Which of the following statements about debt securities is most likely correct（）

A. A collateralized mortgage obligation is a derivative of a passthrough security with a payment structure that redistributes risk among investors in various tranches.

B. Insured bonds are bonds collateralized by an escrow of securities guaranteed by the U. S. government.

C. Tax-backed municipal bonds are supported through revenues generated from projects that are funded in whole or in part with the proceeds of the original bond issue.