问一道题：NO.PZ2017012501000014

问题如下：

Which of the following investments is least subject to prepayment risk?

选项：

Auto loan receivable–backed securities

Commercial mortgage-backed securities (CMBSs)

Non-agency residential mortgage-backed securities (RMBSs)

解释：

B is correct.

A critical feature that differentiates CMBSs from RMBSs is the call protection provided to investors. An investor in a RMBS is exposed to considerable prepayment risk because the borrower has the right to prepay the loan before maturity. CMBSs provide investors with considerable call protection that comes either at the structure level or at the loan level.

照这样说的话 RMBS也可以通过分层来降低prepayment risk啊？

那为什么不能选C

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1 个答案

吴昊_品职助教 · 2020年02月10日

嗨，从没放弃的小努力你好：

题目要我们选择最不会遭受prepayment risk的投资方式，而不是降低prepayment risk。

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

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NO.PZ2017012501000014 问题如下 Whiof the following investments is least subjeto prepayment risk? A.Auto loreceivable–backesecurities B.Commercimortgage-backesecurities (CMBSs) C.Non-agenresintimortgage-backesecurities (RMBSs) B is correct.A criticfeature thfferentiates CMBSs from RMBSs is the call protection provito investors. investor in a RMis exposeto consirable prepayment risk because the borrower hthe right to prepthe lobefore maturity. CMBSs provi investors with consirable call protection thcomes either the structure level or the lolevel.考点prepayment risk解析A车贷，C房贷都属于amortizing loan，即本金摊销在中间各期，以月供的形式进行归还的。这样就会有本金的偿付，会面临prepayment risk。CMBS为投资者提供了call protection，避免投资者受到提前还款带来的风险。题目要我们选择最不会遭受prepayment risk的投资方式，所以选择CMBS。故B正确。 non-agenRMBS不是只考虑cret risk吗？为什么不选？

2023-04-28 18:51 1 · 回答

视频中专门说到车贷基本不会提前还款

2020-02-14 15:02 1 · 回答

A为什么不能选

2020-02-09 23:31 1 · 回答

想问一下，CMBS为什么一定包含call protection？

2019-11-25 09:13 1 · 回答

问一道题：NO.PZ2017012501000014

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