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A mortgage-backed security has the following characteristics:
It was created by pooling a collection of more than a thousand mortgages
Not all investors face the same prepayment risk
Investors receive three distinct kinds of cash flows
Freddie Mac issued the security
This security is a(n):
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Senior tranche: $560 million | Subordinated tranche: $40 million |
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Statement 1: | A best-efforts offering, which is a form of a negotiated offering, occurs when an investment banker purchases an entire issue to resell. |
Statement 2: | Registration with the SEC can be avoided with a private placement, but a higher yield will be required to compensate for the limited liquidity. |
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