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eva · 2024年03月28日

为什么A refinance rate 对?

NO.PZ2023090501000075

问题如下:

A risk consultant is giving a presentation to a group of analysts on the topic of subprime mortgages and how they con tributed to the 2007-2009 financial crisis. The consultant begins the presentation by providing an introductory overview describing the mechanics of subprime mortgages as well as some subprime market trends that occurred in the years leading up to the crisis. Which of the following statements would be correct for the risk consultant to include in the presentation?

选项:

A.

While housing prices were rising, subprime borrowers would typically refinance adjustable-rate mortgages into another similar mortgage as soon as the teaser rate period ended.

B.

By securitizing subprime mortgages, banks created pools of assets that were mostly rated below investment-grade to sell to investors.

C.

The growth in demand for subprime mortgage financing leading up to the crisis was fueled in part by high interest rates and a strong housing market.

D.

Based on the originate-to-distribute (OTD) model for subprime mortgages, the bank that initiated the mortgage loans incurred all the losses on the loans.

解释:

Explanation

A is correct. Some borrowers used subprime lending to purchase a house in which they intended to live, whereas others were merely speculating on rising home prices. For either type of borrower, an adjustable-rate loan could typically be refinanced into another similar mortgage once the teaser rate period ended (as long as housing prices rose).

B is incorrect. By securitizing subprime mortgages, banks created pools of mortgage assets that were originally speculative-grade, separated them into tranches based on the certainty of their cash flows, and packaged the safest cash flows as investment-grade assets to sell to investors. Typically, the tranches consisted of mostly investment-grade senior tranches (these often received an AAA rating) and mezzanine tranches, with only a small equity tranche that might be rated below investment grade.

C is incorrect. Growth in housing demand and the associated mortgage financing was fueled (in part) by the low interest rate environment that existed in the early 2000s.

D is incorrect. Under the OTD model, losses on subprime mortgages were borne not by the banks that initially made the loans, but by the investors that eventually owned them.

Section Foundations of Risk Management

Learning Objective Describe the historical background and provide an overview of the 2007-2009 financial crisis.

Reference Global Association of Risk Professionals. Foundations of Risk Management. New York, NY: Pearson, 2022. Chapter 10. Anatomy of the Great Financial Crisis of 2007-2009.

是会随樓价refinance rate吗?谢

1 个答案

品职答疑小助手雍 · 2024年03月29日

同学你好,A的意思是买房者可以不断的通过refinance来享受可变利息贷款前期的低利率。

但只有房价上涨的情况才可以使他们实现refinance ,否则如果房价下跌的话,房产可能不足以抵押,使他们重新贷够足够的款项来偿还上一笔借款。

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NO.PZ2023090501000075 问题如下 A risk consultant is giving a presentation to a group of analysts on the topic of subprime mortgages anhow they con tributeto the 2007-2009 financicrisis. The consultant begins the presentation proving introctory overview scribing the mechaniof subprime mortgages well some subprime market tren thoccurrein the years leang up to the crisis. Whiof the following statements woulcorrefor the risk consultant to inclu in the presentation? A.While housing prices were rising, subprime borrowers woultypically refinanaustable-rate mortgages into another similmortgage soon the teaser rate perioen B.securitizing subprime mortgages, banks createpools of assets thwere mostly ratebelow investment-gra to sell to investors. C.The growth in manfor subprime mortgage financing leang up to the crisis wfuelein part high interest rates ana strong housing market. Baseon the originate-to-stribute (OT mol for subprime mortgages, the bank thinitiatethe mortgage loans incurreall the losses on the loans. Explanation A is correct. Some borrowers usesubprime lenng to purchase a house in whithey intento live, whereothers were merely speculating on rising home prices. For either type of borrower, austable-rate locoultypically refinanceinto another similmortgage onthe teaser rate perioen(long housing prices rose).B is incorrect. securitizing subprime mortgages, banks createpools of mortgage assets thwere originally speculative-gra, separatethem into tranches baseon the certainty of their cash flows, anpackagethe safest cash flows investment-gra assets to sell to investors. Typically, the tranches consisteof mostly investment-gra senior tranches (these often receiveArating) anmezzanine tranches, with only a small equity tranche thmight ratebelow investment gra.C is incorrect. Growth in housing mananthe associatemortgage financing wfuele(in part) the low interest rate environment thexistein the early 2000s.is incorrect. Unr the OTmol, losses on subprime mortgages were borne not the banks thinitially ma the loans, but the investors theventually ownethem.Section Fountions of Risk ManagementLearning Objective scrithe historicbackgrounanprovi overview of the 2007-2009 financicrisis.Reference GlobAssociation of Risk Professionals. Fountions of Risk Management. New York, NY: Pearson, 2022. Chapter 10. Anatomy of the GreFinanciCrisis of 2007-2009. B为什么是错的

2024-09-28 21:54 1 · 回答