以下是引用youzizhang在2009-3-23 17:08:00的发言：
LOS g: Illustrate how a collateralized mortgage obligation (CMO) is created and how it provides a better matching of assets and liabilities for institutional investors.
Q1. How is a collateralized mortgage obligation (CMO) created? A CMO is created by:
A) eliminating prepayment risk.
B) redistributing the cash flows of mortgage-related products to different bond classes.
C) eliminating extension risk.
Q2. Which of the following best describes how planned amortization class (PAC) bonds are protected against prepayment risk to create products that provide better asset and liability matching for institutional investors? PAC bonds:
A) accrue the interest for one tranche and redistribute it to the support tranches.
B) have a fixed principal repayment schedule that must be satisfied as long as the support tranches exist.
C) have several different companion tranches to which repayments are directed sequentially.
Q3. Which of the following statements regarding CMOs is FALSE? The:
A) early maturing tranches offer relatively greater protection against extension risk.
B) longer-term tranches offer relatively greater protection against contraction risk.
C) early maturing tranches offer relatively greater protection against contraction risk.
Q4. Which of the following best describes how accrual bonds distribute prepayment risk among tranches to create products that provide better asset and liability matching for institutional investors? Accrual bonds:
A) have a fixed principal repayment schedule that must be satisfied as long as the support tranches exist.
B) accrue the interest for one tranche and redistribute it to the other tranches.
C) have several different tranches to which accrued interest is directed sequentially.
发表于 2009-5-18 13:54
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