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发表于 2011-3-23 14:36 | 只看该作者

Reading 57: Mortgage-Backed Sector of the Bond Market-LOS k

2011, statements, following, regarding, contrast
Session 15: Fixed Income: Structured Securities
Reading 57: Mortgage-Backed Sector of the Bond Market

LOS k: Compare and contrast agency and nonagency mortgage-backed securities.

 

 

All of the following statements regarding nonagency securities are correct EXCEPT:

A)
 the collateral behind nonagency CMOs is a pool of loans.
B)
 the collateral behind nonagency collateralized mortgage obligations is passthrough securities.
C)
 loans used to back nonagency CMOs are referred to as nonconforming loans.

 

The collateral behind nonagency CMOs is a pool of loans, not passthrough securities.

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土豆妮

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发表于 2011-3-23 14:36 | 只看该作者

Which of the following statements is least accurate concerning nonagency mortgage-backed securities (MBS)?

A)
 They are usually backed with “conforming” mortgage loans.
B)
 They usually require credit enhancement.
C)
 They are issued by private entities.

Nonagency MBS are usually backed by “nonconforming” mortgages, such as those that do not meet the underwriting standards of the agencies.

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土豆妮

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3#
发表于 2011-3-23 14:36 | 只看该作者

Which of the following is a difference between agency and nonagency mortgage-backed securities (MBS)? Nonagency MBS:

A)
 have floating mortgage rates.
B)
 can only be for commercial real estate property.
C)
 can be for any type of real estate property.

For agency MBS the underlying mortgages are one to four-single family residential mortgages only. Nonagency securities exist that are backed by second mortgage loans, manufactured housing loans, and a variety of commercial real estate loans, in addition to single family residential mortgages.

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