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1、TestBankChapter9146Chapter9RiskManagement:AssetBackedSecuritiesLoanSalesCreditStbysCreditDerivativesFillintheBlankQuestions1.Whenabanksetsasideagroupofincomeearningassetsthensellssecuritiesbaseduponthoseassetsitis_______

2、_________________thoseassets.Answer:securitizing2.Oftenwhenloansaresecuritizedtheyarepassedontoa_________________________whopoolstheloanssellssecurities.Answer:specialpurposeentity3.A(n)_________________________allowsaho

3、meownertobrowagainsttheresidualvalueoftheirresidence.Answer:homeequityloan4._________________________allowthebanktogeneratefeeincomeaftertheyhavesoldaloan.Thebankcontinuestocollectinterestprincipalfromthebrowerspassesthe

4、secollectionstotheloanbuyers.Answer:Servicingrights5.Ina_________________________anoutsiderpurchasespartofaloanfromthesellingfinancialinstitution.Generallythepurchaserhasnoinfluenceoverthetermsoftheloancontract.Answer:pa

5、rticipationloan6.A(n)_________________________isacontingentclaimofthebankthatissuesit.Theissuingbankinreturnfafeeguaranteestherepaymentofaloanreceivedbyitscustomerthefulfillmentofacontractmadebyitscustomertoathirdparty.A

6、nswer:stbycreditagreement7.A(n)_________________________occurswhentwobanksagreetoexchangeaptionalloftheloanrepaymentsoftheircustomers.Answer:creditswap8.A(n)__________________guardsagainstthelossesinthevalueofacreditasse

7、t.Itwouldpayoffiftheassetdeclinessignificantlyinvalueifitcompletelyturnsbad.Answer:creditoption.TestBankChapter914819.A(n)isrelatedtothecreditoptionisusuallyaimedatlendersabletohlecomparativelylimiteddeclinesinvaluebutwa

8、ntsinsuranceagainstseriouslosses.Answer:creditdefaultswap20.Therehasbeenanexplosionininrecentyears.Theseinstrumentsrestonpoolsofcreditderivativesthatmainlyinsureagainstdefaultsoncpatebonds.Thecreatsoftheseinstrumentsdono

9、thavetobuypoolactualbondsbutcancreatetheseinstrumentsgeneraterevenuesfromsellingtradinginthem.Answer:syntheticCDOs(Collateralizeddebtobligations)21.Aratesthesecuritiestobesoldfromapoolofsecuritizedloanssothatinvestshavea

10、betterideaofwhatthenewsecuritiesarelikelytobewth.Answer:creditratingagency22.A(n)isanassurancethatinvestswillberepaidintheeventofthedefaultoftheunderlyingloansinasecuritization.Thesecanbeinternalexternaltothesecuritizati

11、onprocesslowertheriskofthesecurities.Answer:creditenhancement23.WhentheFHLMCcreatesCMOstheyoftenusedifferentwhicheachpromiseadifferentcouponratewhichhavedifferentmaturityriskacteristics.24.Lenderscansetasideagroupofloans

12、ontheirbalancesheetissuebondspledgetheloansascollateralagainstthebondsin.Theseusuallystayonthebank’sbalancesheetasliabilities.25.FNMA(FannieMae)FHLMC(FreddieMac)areexamplesof.Theyappeartohavetheunofficialbackingofthefede

13、ralgovernmentintheeventofdefault.Answer:governmentsponsedenterprises(GSEs)TrueFalseQuestionsTF26.Securitizationisdesignedtoturnilliquidloansintoliquidassetsinthefmofsecuritiessoldintheopenmarket.Answer:TrueTF27.Securitiz

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