C

问题如下：

Relative to RMBS loan pools, CMBS loan pools exhibit less:

选项：

A.

credit risk.

B.

prepayment risk.

C.

concentration risk.

解释：

Correct Answer: B

CMBS loans exhibit less prepayment risk because commercial loans either do not offer prepayment options or make prepayment uneconomical. Conversely, RMBS loans are freely prepayable, thus prepayment risk is higher. A is incorrect because CMBS loans have higher credit risk because the assets backing the CMBS can be concentrated in one mortgage or a small number of mortgages (as compared to the large number backing an RMBS). In addition, agency RMBS are issued and fully guaranteed by the government or a quasi-government entity, and non-agency RMBS are issued by banks, financial institutions, or other private businesses, which use credit enhancements to reduce credit risk. C is incorrect because CMBS loan pools exhibit more concentration risk than RMBS loan pools. CMBS loan pools exhibit a fewer number of loans and will have some larger loans that create concentration risk.