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Lay You Lum · 2020年09月17日

问一道题:NO.PZ2018062006000104

问题如下:

Which of the following is not the characteristic of commercial mortgage-backed security?

选项:

A.

It carrys full faith and credit of the US government.

B.

Investors in CMBS typically face balloon risk.

C.

With CMBS, investors have considerable call protection either at the structure level or at the loan level.

解释:

A is correct. 

Agency RMBS issued by Ginnie Mae are guaranteed by the full faith and credit of the US government.

c选项是什么意思呢

1 个答案

WallE_品职答疑助手 · 2020年09月18日

当利率下降的时候,borrower会选择提前还款,这样投资者就会面临着以现在更低的利率进行投资的再投资风险。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。CMBS是最不会遭受prepayment risk的投资方式,降低了借款人提前还款的风险,但是通过CMBS并不能避免balloon risk。

所以CMBS的两大特点就是有call protection和balloon risk。B和C都是CMBS的特点,故不选。