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发表于 2012-4-2 18:26 | 只看该作者
2012年12月CFA一级培训课程面授班、网络班热招中 | 【北京金牌名师班】2012年12月CFA一级金牌名师班北京热招中
When assessing credit risk for a commercial mortgage-backed security (CMBS), the underwriter will calculate which of the following ratios?
A)
Both the debt-to-service coverage ratio and the loan-to-value ratio.
B)
Loan-to-value ratio only.
C)
Debt-to-service coverage ratio only.


When assessing credit risk for a CMBS, the underwriter will complete both the debt-to-service coverage ratio and the loan-to-value ratio.

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发表于 2012-4-2 18:27 | 只看该作者
A distinguishing characteristic of a commercial mortgage-backed security (CMBS) as compared to residential mortgages is:
A)
Residential mortgages are non-recourse.
B)
Both CMBS and residential mortgages are non-recourse.
C)
CMBS are non-recourse.


CMBS are non-recourse. Residential mortgages are recourse, meaning that the lender can go back to the homeowner for payment if the collateral is insufficient.

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发表于 2012-4-2 18:27 | 只看该作者
Which of the following statements is most accurate concerning the effect of defeasance on the quality of a Commercial mortgage-backed securities (CMBS) loan pool? Defeasance:
A)
increases the quality of a CMBS loan pool by requiring fees for late payments.
B)
decreases the quality of a CMBS loan pool by selling some of the pool as payments come due.
C)
increases the quality of a CMBS loan pool by reinvesting any prepayments in Treasury securities.


Defeasance increases the quality of a CMBS loan pool by reinvesting any prepayments in Treasury securities.

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