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庄园monar · 2022年04月30日

不应该是A吗?C是最先偿还的。

NO.PZ2018062007000063

问题如下:

In a declining interest rate environment, compared with a CMO’s Class A tranche, its Class C tranche will be repaid:

选项:

A.

earlier.

B.

at the same pace.

C.

later.

解释:

C is correct. Lower interest rates entice homeowners to pay off their mortgages early because they can refinance at lower rates.

With a sequential-pay structure, the A tranche in a CMO will bear the first wave of prepayments until that tranche has been completely repaid its full principal investment.

At that point, the next tranche (B) will bear prepayments until that tranche has been fully repaid, and so on.

Therefore, the Class C tranche of a CMO will be repaid last, after the Class A and B tranches.

中文解析:

较低的利率诱使房主提前偿还抵押贷款,因为他们可以以较低的利率进行再融资。

在顺序支付结构下,CMO的A层级将会承受第一波提前支付,直到那部分款项全部偿还然后B层级将承担提前偿还的风险,最后是C层级。

因此,CMO的C层级将最后被偿还,在A和B层级之后。

怎么和MBS的tranche不一样?

1 个答案

Lucky_品职助教 · 2022年04月30日

嗨,爱思考的PZer你好:


原版书对此进行了勘误,同学按照最新的来记忆哦

----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!

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NO.PZ2018062007000063问题如下 In a clining interest rate environment, comparewith a CMO’s Class A tranche, its Class C tranche will repai A.earlier. B.the same pace. later. C is correct. Lower interest rates entihomeowners to poff their mortgages early because they crefinanlower rates. With a sequential-pstructure, the A tranche in a CMO will bethe first wave of prepayments until thtranche hbeen completely repaiits full principinvestment. thpoint, the next tranche (will beprepayments until thtranche hbeen fully repai anso on. Therefore, the Class C tranche of a CMO will repailast, after the Class A anB tranches.中文解析较低的利率诱使房主提前偿还抵押贷款,因为他们可以以较低的利率进行再融资。在顺序支付结构下,CMO的A层级将会承受第一波提前支付,直到那部分款项全部偿还。然后B层级将承担提前偿还的风险,最后是C层级。因此,CMO的C层级将最后被偿还,在A和B层级之后。 先还最下面的是否跟固定收益里的PAC结构是一个意思呢

2022-04-21 21:59 1 · 回答

NO.PZ2018062007000063 the same pace. later. C is correct. Lower interest rates entihomeowners to poff their mortgages early because they crefinanlower rates. With a sequential-pstructure, the A tranche in a CMO will bethe first wave of prepayments until thtranche hbeen completely repaiits full principinvestment. thpoint, the next tranche (will beprepayments until thtranche hbeen fully repai anso on. Therefore, the Class C tranche of a CMO will repailast, after the Class A anB tranches. 中文解析 较低的利率诱使房主提前偿还抵押贷款,因为他们可以以较低的利率进行再融资。 在顺序支付结构下,CMO的A层级将会承受第一波提前支付,直到那部分款项全部偿还。然后B层级将承担提前偿还的风险,最后是C层级。 因此,CMO的C层级将最后被偿还,在A和B层级之后。 C层级应该是低于A层级的吧?出现提前归还时,不应该先还C级吗?

2021-10-21 13:50 2 · 回答

NO.PZ2018062007000063 https://class.pzacamy.com/qa/50592 这里的解析说是A对,这道题我选的是A但是说答案是C

2021-10-13 18:31 1 · 回答

是不是不论什么情况下,c都比a偿还更早,利率上升还是下降没关系的?

2020-11-21 15:46 3 · 回答