credit risk--Schweser V2 page 280 second afternoon exam Q22 opinion, creating, business, receive, afternoon

ashycal

Schweser  V2 page 280 second afternoon exam Q22,  I feel that by dealing with SPV, credit risk is transferred to SPV, so SPV will bear the risk, I have the opinion that without creating spv, how can you doing business with SPV? Also by total return SWAP, I receive the floating, so does it mean we have to pay fixed in total return SWAP, can we pay floating?