标题: Reading 57: Mortgage-Backed Sector of the Bond Market-LOS b [打印本页]
作者: 土豆妮 时间: 2011-3-23 14:12 标题: [2011]Session 15-Reading 57: Mortgage-Backed Sector of the Bond Market-LOS b
Session 15: Fixed Income: Structured Securities
Reading 57: Mortgage-Backed Sector of the Bond Market
LOS b: Illustrate the investment characteristics, payment characteristics, and risks of mortgage passthrough securities.
Regarding mortgage passthrough securities, which of the following statements is least accurate?
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A) |
The passthrough coupon rates are greater than the average coupon rate of the underlying mortgages in the pool. | |
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B) |
Passthrough security investors receive the monthly cash flows generated by the underlying pool of mortgages less any servicing and guarantee/insurance fees. | |
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C) |
The passthrough coupon rates are less than the average coupon rate of the underlying mortgages in the pool. | |
The passthrough coupon rates are less than the average coupon rate of the underlying mortgages in the pool (due to servicing fees), not greater than the coupon rate.
作者: 土豆妮 时间: 2011-3-23 14:16
Which of the following most accurately describes the term "securitizing a mortgage"?
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A) |
Including a mortgage in a pool of mortgages that is used as collateral for a mortgage passthrough security. | |
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B) |
Selling shares of one mortgage to other investors. | |
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C) |
Selling an entire mortgage to another investor. | |
A mortgage passthrough security represents a claim against a pool of mortgages. Any number of mortgages may be used to form the pool, and any mortgage included in the pool is referred to as a securitized mortgage. Passthrough securities may be traded in the secondary market, and, as such they effectively convert illiquid mortgages into liquid securities. This process is called securitization.
作者: 土豆妮 时间: 2011-3-23 14:17
Which of the following most accurately describes a mortgage passthrough security?
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A) |
A participation certificate in a pool of mortgages. | |
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B) |
A security that pays off the full amount of the mortgage if the borrower defaults. | |
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C) |
An option on a pool of mortgages. | |
A mortgage passthrough security represents a claim against a pool of mortgages. Any number of mortgages may be used to form the pool, and any mortgage included in the pool is referred to as a securitized mortgage.
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