答案和详解如下： 6．Which of the following statements regarding Small Business Administration (SBA) loan-backed securities is FALSE? A) SBA loans are backed by the credit of the U.S. government. B) Prepayments on SBA loans are not passed through. C) Most SBA loans are based on the prime rate. D) The level amortizing loan payments are based on a beginning of period rate. The correct answer was B) Small Business Administration (SBA) loans are backed by the credit of the U.S. government. Most SBA loans are variable rate, where the rate is based on prime and reset monthly or quarterly. SBA payments are level amortizing loan payments and based on the reference rate at the beginning of each period. The investor receives three cash flows: interest; principal repayment; and principal prepayments. 7．Which of the following statements regarding student loan asset-backed securities (SLABs) is FALSE? A) Interest accrues on the loan during the deferment period. B) The borrower makes no payment during the grace period. C) Loan repayments are based on a reference rate plus a margin. D) Prepayments occur when government guarantees are paid in the case of defaults. The correct answer was A) In student loan asset-backed securities (SLABs), there are three periods. During the deferment period, the borrower makes no payments and the loan accrues no interest. During the grace period, the borrower makes no payments but the loan accrues interest. During the loan repayment period, the borrower makes principal and interest payments based on a reference rate plus margin. Prepayments may occur because government guarantees are paid when there are defaults. 8．Which of the following regarding student loan asset-backed securities (SLABs) is FALSE? A) The borrower makes no payment during the deferment period and no interest accrues. B) Alternative loans are securitized and guaranteed by the U.S. government. C) FFELP loans are guaranteed up to 98% of principal and accrued interest. D) During the grace period, interest accrues on the loan and the borrower makes no payments. The correct answer was B) With U.S. government Federal Family Education Loan Program (FFELP) loans, the government guarantees of up to 98% of principal and accrued interest. Alternative loans (student loans not in the FFELP) are securitized, but not guaranteed by the U.S. government. In general, there are three periods with student loan asset-backed securities (SLABs). During the deferment period, the borrower makes no payments and the loan accrues no interest. During the grace period, the borrower makes no payments but the loan accrues interest. During the loan repayment period, the borrower makes principal and interest payments based on a reference rate plus margin. | 
发表于 2008-5-20 15:32
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