1.During a fixed income securities panel session on the European and U.S. mortgage markets, one of the panelists made the following statements.

Which of the following most accurately describes the accuracy of the panelist’s statements?

A)     Correct                                Correct                                 Correct

B)     Incorrect                               Correct                                Incorrect

C)     Correct                                 Correct                                Incorrect

D)     Incorrect                               Incorrect                              Correct

2.During a panel discussion on the European and U.S. mortgage markets, one of the panelists made the following statements.

Which of the following most accurately describes the accuracy of the panelist’s statements?

A)     Incorrect                              Incorrect                               Correct

B)     Incorrect                               Correct                                Incorrect

C)     Correct                                 Correct                                Correct

D)     Correct                                 Incorrect                              Correct

3.During a fixed income securities panel session on the European and U.S. mortgage markets, one of the panelists made the following statements.

Which of the following most accurately describes the accuracy of the panelist’s statements?

A)        Incorrect                               Correct                                Incorrect

B)         Correct                                 Correct                                Correct

C)         Correct                               Incorrect                              Incorrect

D)         Incorrect                               Incorrect                              Correct

答案和详解如下：

1.During a fixed income securities panel session on the European and U.S. mortgage markets, one of the panelists made the following statements.

Statement 1:	The mortgage debt-to-GDP ratio in Europe is significantly lower than it is in the U.S.
Statement 2:	The percentage of European citizens that own their own home is slightly less than the percentage of U.S. citizens that own their own home.
Statement 3:	Whole loan products in the U.S. have the advantage of not having to be marked to market.

Which of the following most accurately describes the accuracy of the panelist’s statements?

Statement 1

Statement 2

Statement 3

A)     Correct                               Correct                                Correct

B)     Incorrect                               Correct                                Incorrect

C)     Correct                                 Correct                                Incorrect

D)     Incorrect                               Incorrect                              Correct

The correct answer was A)

All of the statements are accurate.

2.During a panel discussion on the European and U.S. mortgage markets, one of the panelists made the following statements.

Statement 1:	Retail deposits represent the major source of mortgage debt funding in the U.S. mortgage markets.
Statement 2:	On a percentage basis, home ownership is slightly greater in Europe than it is in the United States.
Statement 3:	The mortgage debt-to-GDP ratio in Europe is significantly lower than in United States.

Which of the following most accurately describes the accuracy of the panelist’s statements?

Statement 1

Statement 2

Statement 3

A)     Incorrect                             Incorrect                              Correct

B)     Incorrect                               Correct                                Incorrect

C)     Correct                                 Correct                                Correct

D)     Correct                                 Incorrect                              Correct

The correct answer was A)

Statement 1 is incorrect because securitized debt and agency debt are the major sources of mortgage debt funding in the U.S. mortgage markets.

Statement 2 is incorrect because home ownership, on a percentage basis, is slightly greater in the U.S. than Europe.

3.During a fixed income securities panel session on the European and U.S. mortgage markets, one of the panelists made the following statements.

Statement 1:	In the U.S. market, data availability is fairy constant and standardized credit scoring systems are well established.
Statement 2:	The Fair Issac Corporation (FICO) credit scoring system used in the U.S. considers fewer categories of consumer behavior than most of the existing European scoring systems.
Statement 3:	Accounting differences between Europe and the U.S. have a significant impact on the relative size and growth of the European whole loan market.

Which of the following most accurately describes the accuracy of the panelist’s statements?

Statement 1

Statement 2

Statement 3

A)     Incorrect                               Correct                                Incorrect

B)     Correct                                 Correct                                Correct

C)     Correct                               Incorrect                              Incorrect

D)     Incorrect                               Incorrect                              Correct

The correct answer was C)

Statement 2 is incorrect because the FICO credit scoring system considers more categories of consumer behavior than most of the European credit scoring systems.

Statement 3 is incorrect because even though there are accounting differences between Europe and the U.S., these differences do not have a significant impact on the size or growth of the whole loan market.