Cost of funding

-Could anyone please explain why Cost of funding of SECURITIZATION is lower that that of Secured bonds although both are backed by the same COLLATERAL and investors on secured bonds even have dual recourse on the issuer?

Securizations are normally via a 3rd party entity.
You do not need to wait and go through bankrupcy if something goes wrong.

The the bank who made the orginal loans could go bust but you still have your performing MBS

the process is “bankrupcy remote” from the orginal entity.

why don’t CREDIT RATING OF SPE affects credit rating of issues (MBS)?