01.单选题 已收藏 标记 纠错 The collateral for credit card receivable-backed securities are: A non-amortizing loans. B full-amortizing loans C mortgage-backed loans 查看解析 下一题 正确答案A 您的答案A本题平均正确率：79% Non-mortgage asset-backed securities难度：一般 推荐：      答案解析 The collateral for auto loan-backed securities are loans that fully amortize, however the collateral for credit card receivable-backed securities are non-amortizing loans. Auto loan-backed securities’ principle is distributed to the bond classes each month, and the amount of the outstanding pool balance declines over time. 问：这里说的 信用卡摊销 究竟是什么意思？ 比如：我信用卡额度1w 这个月刷了5000，我可以一次性 还清5000，也可以分期还款。请问这里说的摊销指什么，没有搞清楚在说哪一方

02.单选题 已收藏 标记 纠错 According to the following statements, which statement is correct? A CMBS are securities backed by a pool of commercial mortgage loans on capital-gain-producing property. B The characteristic of call protection of CMBS makes CMBS to trade in the market more like corporate bonds than RMBS. C The call protection of CMBS has only one forms: at the structure level. 查看解析 上一题 下一题 正确答案B 您的答案B本题平均正确率：75% CMBS难度：一般 推荐：      答案解析 CMBS have considerable call protection, which allows CMBS to trade in the market more like corporate bonds than like RMBS. 问：C选项的两种 the structure level 和 loan level可否简单解释一下？

此题中，题干中的depreciation expense和表格中的accumulated depreciation equipment彼此是什么关系？后者包含前者吗？

问：1.是不是实际运行起来，买房人还是把钱给银行，银行再把钱给三大机构，三大机构在把钱给到投资人？图中的CF直接指向投资人 只是表示实际的钱是买房人出的而已？2.C选项说 现金流是从标的资产来的，但是如果是RMBS,CF不大多应该是买房的人的工资收入吗？ 两个问题不相关 请逐次回答~

03.单选题 已收藏 标记 纠错 According to the following statements about auto loan Receivable-backed securities, which statement is not correct? A A subprime loan is one granted to borrowers with higher credit quality. B The purpose of a reserve account is to provide internal credit enhancement. C Overcollateralization means that the aggregate principle balance of the automobile loan contracts exceeds the principle balance of the notes. 查看解析 上一题 下一题 正确答案A 您的答案A本题平均正确率：69% Non-mortgage asset-backed securities难度：一般 推荐：      答案解析 A subprime loan is one granted to borrowers with lower credit quality. 问：C这句话怎么翻译，怎么理解？ 我对过度抵押的理解是，我买了一辆车50w，抵押了我家的房子500w，但是和C应该没关系?C在说什么 请问？

03.单选题 已收藏 标记 纠错 In the context of commercial mortgage-backed securities (CMBS) which of the following mechanisms is most likely a structural call protection? A Prepayment lockouts. B Yield maintenance charges. C Sequential-pay tranches. 查看解析 上一题 下一题 正确答案C 您的答案C本题平均正确率：56% CMBS难度：一般 推荐：      答案解析 C is correct. A structural call protection can be achieved in a CMBS when it is structured to have sequential-pay tranches by credit rating. A is incorrect because prepayment lockouts are a call protection mechanism offered to investors at the loan level. B is incorrect because yield maintenance charges are a call protection mechanism offered to investors at the loan level. 问：问题和本题可能没太大关联，maintain yield说的是折现，但是具体什么意思 怎么操作没有理解，可否简单解释一下？还有它贴现 是以哪个r贴现，怎么就能使投资人还是银行不损失？

解析好像有点问题，计算步骤应该是[(100-96.5)/96.5]*(365/350)=3.78%, 答案没错。

03.单选题 收藏 标记 纠错 A BBB-rated corporation wishes to issue debt to finance its operations at the lowest cost possible. If it decides to sell a pool of receivables into a special purpose vehicle (SPV), its primary motivation is most likely to: A allow the corporation to retain a first lien on the assets of the SPV. B segregate the assets into a bankruptcy-remote entity for bondholders. C receive a guaranty from the SPV to improve the corporation’s credit rating. 查看解析 上一题 下一题 正确答案B 您的答案B本题平均正确率：72% Securitization难度：一般 推荐：      答案解析 allow the corporation to retain a first lien on the assets of the SPV. segregate the assets into a bankruptcy-remote entity for bondholders. receive a guaranty from the SPV to improve the corporation’s credit rating. 问：破产隔离的意思，是不是 比如传统的MBS,银行把loan卖给了spv，所以和spv就两清了，这时如果最终的还房贷的人还不上钱，投资者怎么找，一层一层的找 顶多找到spv，就不能再往上找了，也就是找不着银行的事，所以对于银行来说-叫破产隔离？ 另外：如果像这道题 ，是企业把应收账款 一旦卖给了 spv，就是只要有spv愿意接，相当于企业就已经 提前收回来了 这笔A/R，之后企业的 下游还的还不上钱，企业已经不care了，因为和我隔离开了，是这样吗？

如何理解答案 A

该视频中最后的一道例题计算DD时用的价格为什么不是98.125？