I'm not an expert in finance, but isn't this simply a CDO (collateralized debt obligation) of real estate assets?? In other words Point is simply a CDO fund?

I'm not an expert in finance, but isn't this simply a CDO (collateralized debt obligation) of real estate assets?? In other words Point is simply a CDO fund? The minor differences are that the home owner ("partial home owner"?) assumes the upfront "risk" with the initial down payment, and the homeowner happens to be a few degrees closer to the "owner" of the CDO??? The only innovation that I see - and really its not much at all - is that there are fewer degrees/layers between homeowner and CDO-owner (holder of the fund).