答案和详解如下： 6．To further advance his case in favor of the U.S. mortgage-backed securities market relative to the European market, Price’s best argument is: A) the illiquidity of the market for securitized loans. B) how a shortage of mortgage-servicing firms is slowing growth. C) the fact that most European mortgage debt is funded through retail deposits. D) slow growth in the region’s largest market, the United Kingdom. The correct answer was B) The market for securitized loans in Europe is very liquid, and the U.K. is enjoying solid growth in the MBS area. Thus, two of the statements are incorrect. The statement about the funding of mortgage debt through retail deposits is accurate, but not a compelling argument for or against the European market. However, the statement about a lack of mortgage servicers is both accurate and reflective of a weakness in the European market. 7．In a passthrough structure, the principal cash flow from the credit card accounts are: A) paid to security holders on a pro rata basis. B) never paid due to interest rate charges. C) amoritized without penalty. D) high valuation generators. The correct answer was A) In a passthrough structure, the principal Cash Flow from the credit card accounts are paid to security holders on a pro rata basis. 8．A home equity loan (HEL) is a loan backed by residential property. Which of the following generally does NOT describe a HEL? A) It is frequently a first lien on property owned by a borrower with a marginal credit history. B) It is frequently a first lien on property owned by a borrower with an excellent credit history. C) The loan often does not meet agency requirements for a qualified loan. D) HELs are commonly used to consolidate consumer debt. The correct answer was B) HELs are frequently a first lien on property owned by a borrower with a marginal credit history, not an excellent credit history. 9．Prepayments for manufactured housing-backed securities are less significant because the underlying loans are not as sensitive to refinancing. This is true for all of the following reasons EXCEPT: A) often borrowers are using Federal Housing Administration (FHA) and Veterans Administration (VA) loans, which prohibit refinancing. B) loan balances are usually small, reducing the savings resulting from refinancing. C) depreciation of mobile homes in the early years can cause the loan outstanding to be greater than the value of the asset. D) borrowers are likely to have low credit ratings, making it more difficult to refinance. The correct answer was A) Borrowers are not necessarily borrowing through the FHA or VA, and even if they were, they would not be prohibited from refinancing. 10．Prepayments are more stable for manufactured housing-backed securities because: A) borrowers are not sensitive to refinancing since they have few alternative financing sources. B) manufactured housing securities have very high interest rates. C) manufactured housing loans are too large to be marketed separately. D) borrowers have high credit quality for repayments. The correct answer was A) Manufactured home borrowers are not sensitive to refinancing as they have few alternative financing sources. | 
发表于 2008-5-20 15:26
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