标题: Reading 58: Asset-Backed Sector of the Bond Market-LOS a 习题 [打印本页]
作者: 土豆妮 时间: 2011-3-23 14:40 标题: [2011]Session 15-Reading 58: Asset-Backed Sector of the Bond Market-LOS a 习题
Session 15: Fixed Income: Structured Securities
Reading 58: Asset-Backed Sector of the Bond Market
LOS a: Illustrate the basic structural features of and parties to a securitization transaction.
Which of the following statements regarding the basic structure of an asset-backed security (ABS) is least accurate?
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A) |
Corporate bonds and emerging market bonds can be collateralized to create an ABS. | |
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B) |
The flow of funds from the underlying loan, through the servicer and issuer and finally to the investor, is called the waterfall. | |
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C) |
The seller and the servicer of the ABS are always the same entity. | |
The two separate functions of seller and servicer of an ABS can be performed by either two different entities or the same entity.
作者: 土豆妮 时间: 2011-3-23 14:40
Carco Motor Company is an automobile manufacturer that is in the process of creating asset-backed securities (ABS) by utilizing a pool of loans from cars the company had financed for its customers and selling them to a separate legal entity. The issuer of the ABS is also referred to as:
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B) |
a bankruptcy-remote entity. | |
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C) |
a special purpose vehicle. | |
A special purpose vehicle (SPV) is established for each securitization of loans. The loans are sold to the SPV, which in turn is the entity which issues the ABS.
作者: 土豆妮 时间: 2011-3-23 14:40
Within an asset-backed security structure, the entity which collects the principal and interest payments from the borrower and, when necessary, sends out delinquency notices is the:
The servicer is responsible for processing the payments received on the underlying loan collateral, and remitting the resulting cash flows to the investors in the ABS.
作者: 土豆妮 时间: 2011-3-23 14:40
Which of the following types of assets are least likely to be securitized as asset-backed securities (ABS)?
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B) |
Home equity lines of credit. | |
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Insurance policies are not assets securitized in ABS structures. Home equity lines of credit and auto loans are often securitized.
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