NO.PZ2018062006000103
问题如下：
When investing in the following securities, which one is most likely to lead investors to consider the credit risk:
选项：
A.RMBS backed by non-recourse loans
B.RMBS backed by recourse loans
C.MBS with call protection.
解释：
A is correct.
For non-recourse loans, the lender can only foreclose the mortgage property and use the proceeds from the sale of property to recover the outstanding mortgage balance.
A至少还有房产通过Foreclosure收回部分，而且通常还有Loan to Value的比例，不会亏多少。
而C，没有房产抵押，商业地产若现金流不够，都不能够通过卖房产来弥补损失，所以比A的Credit风险更大。
不是吗？
