NO.PZ2016082405000100
问题如下：
Which of the following subprime characteristics provide direct protection for senior tranches?
选项： Subordination, excess spread, and
shifting interest.
Subordination, prepayments, and shifting interest.
C.Overcollateralization, excess spread, and timing of losses.
D.Overcollateralization, excess spread, and prepayments.
解释：
A Subordination, excess spread, and shifting interest provide protection for senior tranches. Overcollateralization also provides protection for senior tranches. Timing of losses impacts excess spreads. Prepayments can accelerate or decelerate the cash flows to senior tranches.
1.Timing of losses impacts excess spreads他是如何impacts excess spreads呢
2.其实overcollateralization是直接影响的吧？只不过他选项里面包括了其他错误的所以不选对吗？
