答案和详解如下： 11．A closed-end home equity loan (HEL) is a secondary mortgage that is structured like: A) a standard, fixed-rate, fully amortizing loan. B) a standard balloon payment loan. C) a variable rate, amortizing loan. D) a credit card loan. The correct answer was A) Closed-end HELs are structured like standard, fixed rate, fully amortizing loans. 12．How is the principal retired when an early amortization provision is triggered? It is retired by: A) maturing credit card receivable-backed securities immediately. B) paying credit card borrowers' principal payments directly to investors without using them to purchase more receivables. C) reinvesting credit card borrowers' principal payments in receivables. D) paying credit card borrowers' interest payments directly to investors without using them to purchase more receivables. The correct answer was B) When early amortization occurs, the credit card tranches are retired sequentially. This is accomplished by paying prepayments to investors instead of using them to purchase more receivables. 13．Relative to mortgage-backed securities and home equity loan-backed assets, prepayments for manufactured housing-backed securities are: A) more significant because the underlying loans are more sensitive to refinancing. B) less significant because the underlying loans are not as sensitive to refinancing. C) equally as significant. D) more or less significant depending on the economy. The correct answer was B) Relative to mortgage-backed securities and home equity loan-backed assets, prepayments for manufactured housing-backed securities are less significant because the underlying loans are not as sensitive to refinancing. 14．The measure of prepayments associated with securities backed by auto loans is called: A) collateralized prepayment speed. B) auto-backed prepayments. C) absolute prepayment speed. D) payment structure. The correct answer was C) The measure of prepayments associated with securities backed by auto loans is called absolute prepayment speed. 15．Which of the following is TRUE for securities backed by closed-end home equity loans? A) Prepayments are not allowed. B) The prepayment benchmark is issuer specific. C) The securities in those deals are typically floating-rate tranches. D) The security holders only receive interest and no principal payments. The correct answer was B) Unlike the PSA benchmark, the prepayment benchmark speed in the prospectus is issuer specific. | 
发表于 2008-5-20 15:28
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