NO.PZ2020011303000025
问题如下:
Explain what is meant by burnout.
解释:
Burnout occurs when interest rates decline over a period of time. Those mortgage holders who are most likely to prepay (e.g. because their mortgage balances are high, they have good credit ratings, or are financially sophisticated) do so during the first part of the period and leave the pool. The prepayment rate for the mortgage holders who are left is then lower.
这个burnout的知识点具体在讲义哪个位置