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1、学习 - 好资料Chapter 9Risk Management: Asset-Backed Securities, Loan Sales, Credit Standbys, andCredit DerivativesFill in the Blank Questions1. When a bank sets aside a group of income-earning assets and then sells securities based upon those assets it is _ those assets.Answer: securitizing2. Often when
2、loans are securitized they are passed on to a _ who pools the loans and sells securities.Answer: special purpose entity3. A(n) _ allows a homeowner to borrow against the residual value of their residence.Answer: home equity loan4. _ allow the bank to generate fee income after they have sold a loan.
3、The bank continues to collect interest and principal from the borrowers and passes these collections to the loan buyers.Answer: Servicing rights5. In a _ an outsider purchases part of a loan from the selling financial institution. Generally the purchaser has no influence over the terms of the loan c
4、ontract. Answer: participation loan6. A(n) _ is a contingent claim of the bank that issues it. The issuing bank, in return for a fee, guarantees the repayment of a loan received by its customer or the fulfillment of a contract made by its customer to a third party.Answer: standby credit agreement7.
5、A(n) _ occurs when two banks agree to exchange a portion or all of the loan repayments of their customers.Answer: credit swap8. A(n) _ guards against the losses in the value of a credit asset. It would pay off if the asset declines significantly in value or if it completely turns bad.Answer: credit
6、option.更多精品文档学习 - 好资料9. A(n) _ combines a normal debt instrument with a credit option. It allows the issuer of the debt instrument to lower its loan repayments if some significant factor changes.Answer: credit linked note10. The _ of a standby letter of credit is a bank or other investor who is conc
7、erned about the safety of funds committed to the recipient of the standby letter of credit. Answer: beneficiary11. A(n) _ guarantees the swap parties a specific rate of return on their credit asset. Bank A may agree to pay the total return on the loan to Bank B plus any appreciation in the market va
8、lue of the loan. In return Bank A will often get LIBOR plus a fixed spread plus any depreciation in the value of the loan.Answer: total return swap12. The _ is the party that is requesting a standby letter of credit. Answer: account party13. The _ is the bank or financial institution which guarantee
9、s the payment of the loan in a standby letter of credit.Answer: issuer14. A(n) _ is a loan sale where ownership of the loan is transferred to the buyer of the loan, who then has a direct claim against the borrower.Answer: assignment15. Another type of loan sale is a(n) _ which is a short dated piece
10、 of a longer maturity loan, entitling the purchaser to a fraction of the expected loan income.Answer: loan strip16. A relatively new type of credit derivative is a Answer: collateralized debt obligationCDO which stands for _.17. Insurance companies are a prime _ of credit derivatives. Answer: seller
11、18.A(n) is an over-the-counter agreement offering protection against loss when default occurs on a loan or other debt instrument.Answer: credit derivative更多精品文档学习 - 好资料19.A(n) is related to the credit option and is usually aimed at lenders able to handle comparatively limited declines in value but w
12、ants insurance against serious losses. Answer: credit default swap20.There has been an explosion inin recent years. These instruments rest onpools of credit derivatives that mainly insure against defaults on corporate bonds. The creators of these instruments do not have to buy and pool actual bonds
13、but can create these instruments and generate revenues from selling and trading in them.Answer: synthetic CDOs (Collateralized debt obligations)21.A rates the securities to be sold from a pool of securitized loans so that investors have a better idea of what the new securities are likely to be worth
14、.Answer: credit rating agency22.A(n) is an assurance that investors will be repaid in the event of the default of the underlying loans in a securitization. These can be internal or external to the securitization process and lower the risk of the securities.Answer: credit enhancement23.When the FHLMC creates CMOs they often use different which
