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Mock中的第三道题目 很困惑 ABS

Diaz claims that he can provide an opinion as to which asset backed securitization (ABS) to invest in since it is very similar to his credit analysis of the companies. He lists the following factors as being relevant in his analysis:

Factor 1: The credit quality of the collateral including concentration of loans and credit enhancements.
Factor 2: The quality of the company servicing the receivables including its history, experience and underwriting standards.
Factor 3: Cash flow stress and payment structure. This analysis focuses on the company selling the receivables and its ability to support the waterfall distribution.



16. Diaz is least likely correct with regard to which of the factors he applies to the analysis of ABS?A. Factor 1.
B. Factor 2.
C. Factor 3.


答案:
C is correct because the collateral generates cash flow from interest and principal payments that will be used to pay fees, then principal and interest to bondholders. The collateral is placed into a trust that is legally separate and distinct from the issuing company. There is not a reliance on the originator’s ability to service the waterfall.

疑惑: ABS的抵押物当重新分配Cash flow时候会产生不同的Tranches, 不同的Tranches的风险是不同的(作为CMO而非Pass-through securities时),为何分析时候不依赖于Waterfall? 反而Factor 2 中提及的Company servicing the receivables, 服务公司一般是母公司,而发行ABS的公司一般为Trust/Issuer, 既然ABS与母公司完全分离了,为何分析时还需要分析母公司的历史等标准。  


感谢任何人的回答

factor 2中的company

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上一主题:求教CFA I mock一道数学题。。感觉答案是不是错了。。。
下一主题:想问下大家LEVEL I Time value 部分18题