A little confused how these operate. Assume the example in the book PSA 90-300.
If the actual prepayment is inside the collar, say PSA 200, how much does the PAC participant receive -- the minimum amount (90 or 300), or 200?
Also, are we supposed to be able to convert PSA to average maturity? I see the conversion being shown in various examples, but I haven't located a formula for doing so.
I have other questions, but I'm so confused right now that I can't formulate them.
- Robert |
发表于 2011-7-11 19:32
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