CFA固定收益证券答案2023

第四章测试

1.Securitization benefits financial markets by
A:establishing a barrier between investors and originating borrowers B:allowing investors to tailor credit risk and interest rate risk exposures to meet their individual needs C:increasing the role of intermediaries
答案:B
2.In a securitization, the special purpose entity (SPE) is responsible for the
A:collection of payments from the borrowers B:issuance of the asset-backed securities C:recovery of underlying assets from delinquent borrowers 3.In a securitization, time tranching provides investors with the ability to choose between
A:senior and subordinated bond classes B:fully amortizing and partially amortizing loans C:extension and contraction risks 4.

If interest rates increase, an investor who owns a mortgage pass-through security is most likely affected by

A:

extension risk

B:

credit risk

C:

contraction risk

5.The tranches in a collateralized mortgage obligation (CMO) that are most likely to provide protection for investors against both extension and contraction risk are
A:support tranches B:planned amortization class (PAC) tranches C:sequential-pay tranches 6.Credit risk is an important consideration for commercial mortgage-backed securities (CMBS) because the CMBS are backed by mortgage loans that
A:are non-recourse B:have prepayment penalty points C:have call protection 7.Which of the following best describes the cash flow that owners of credit card receivable asset-backed securities receive during the lockout period?
A:No cash flow B:Only principal payments collected C:Only finance charges collected and fees 8.A debt security that is collateralized by a pool of the sovereign debt of several developing countries is most likely a
A:CMBS B:CDO C:CMO 9.Residential mortgages that may be included in agency RMBS are least likely required to have
A:a minimum loan-to-value ratio B:insurance on the mortgaged property C:a minimum percentage down payment 10.Support tranches are most appropriate for investors who are
A:willing to accept prepayment risk in exchange for higher returns B:concerned about their exposure to concentration risk C:concerned about their exposure to extension risk