2023年商业银行管理彼得S.罗斯英文原书第8版英语试题.doc
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1、Chapter 9Risk Management: Asset-Backed Securities, Loan Sales, Credit Standbys, and Credit 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: securitizing 2.Often when loans a
2、re securitized they are passed on to a _ who pools the loans and sells securities. Answer: special purpose entity 3.A(n) _ allows a homeowner to borrow against the residual value of their residence. Answer: home equity loan 4._ allow the bank to generate fee income after they have sold a loan. The b
3、ank continues to collect interest and principal from the borrowers and passes these collections to the loan buyers. Answer: Servicing rights 5.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 contr
4、act. Answer: participation loan 6.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 agreement 7.A(n
5、) _ occurs when two banks agree to exchange a portion or all of the loan repayments of their customers. Answer: credit swap 8.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 o
6、ption. 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 note 10.The _ of a standby letter of credit is a bank or other investor who is concerned about th
7、e safety of funds committed to the recipient of the standby letter of credit. Answer: beneficiary 11.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 value of the loa
8、n. In return Bank A will often get LIBOR plus a fixed spread plus any depreciation in the value of the loan. Answer: total return swap 12.The _ is the party that is requesting a standby letter of credit. Answer: account party 13.The _ is the bank or financial institution which guarantees the payment
9、 of the loan in a standby letter of credit. Answer: issuer 14.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: assignment 15.Another type of loan sale is a(n) _ which is a short dated piece of a longe
10、r maturity loan, entitling the purchaser to a fraction of the expected loan income. Answer: loan strip 16.A relatively new type of credit derivative is a CDO which stands for _. Answer: collateralized debt obligation 17.Insurance companies are a prime _ of credit derivatives. Answer: seller 18. A(n)
11、 is an over-the-counter agreement offering protection against loss when default occurs on a loan or other debt instrument.Answer: credit derivative19. A(n) is related to the credit option and is usually aimed at lenders able to handle comparatively limited declines in value but wants insurance again
12、st serious losses.Answer: credit default swap20. There has been an explosion in in recent years. These instruments rest on pools 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 but can create the
13、se 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.Answer: credit r
14、ating 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 t
15、hey often use different which each promise a different coupon rate and which have different maturity and risk characteristics.24. Lenders can set aside a group of loans on their balance sheet, issue bonds and pledge the loans as collateral against the bonds in . These usually stay on the banks balan
16、ce sheet as liabilities.25. FNMA (Fannie Mae) and FHLMC (Freddie Mac) are examples of . They appear to have the unofficial backing of the federal government in the event of default.Answer: government sponsored enterprises (GSEs)True/False QuestionsTF26.Securitization is designed to turn illiquid loa
17、ns into liquid assets in the form of securities sold in the open market. Answer: True TF27.Securitization has the added advantage of generating fee income for banks. Answer: True TF28.Securitized assets cannot be removed from a banks balance sheet until they mature. Answer: False TF29.Securitization
18、 raises the level of competition for the best-quality loans among banks. Answer: True TF30.Servicing rights on loans sold consist of the collection of interest and principal payments from borrowers and monitoring borrower compliance with loan terms. Answer: True TF31.A loan sold by a bank to another
19、 investor with recourse means the bank has given the investor a call option on the loan. Answer: False TF32.An account party will seek a banks standby credit guarantee if the banks fee for issuing the guarantee is less than the value assigned the guarantee by its beneficiary. Answer: True TF33.Secur
20、itization tends to lengthen the maturity of a banks assets. Answer: False TF34.Securitized assets as a source of bank funds are subject to reserve requirements set by the Federal Reserve Board. Answer: False TF35.Securitizations of commercial loans usually carry the same regulatory capital requireme
21、nts for a bank as the original loans themselves. Answer: True TF36.Most loans that banks sell off their balance sheets have minimum denominations of at least a million dollars. Answer: True TF37.Most loans that banks sell off their balance sheets carry interest rates that usually are connected to lo
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