商业银行管理彼得S.罗斯英文原书第8版+英语试题库Chap009.doc

商业银行管理彼得S.罗斯英文原书第8版+英语试题库Chap009.doc

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Chapter9

RiskManagement:

Asset-BackedSecurities,LoanSales,CreditStandbys,andCreditDerivatives

FillintheBlankQuestions

1.Whenabanksetsasideagroupofincome-earningassetsandthensellssecuritiesbaseduponthose

assetsitis________________________thoseassets.

Answer:

securitizing

2.Oftenwhenloansaresecuritizedtheyarepassedontoa_________________________whopools

theloansandsellssecurities.

Answer:

specialpurposeentity

3.A（n）_________________________allowsahomeownertoborrowagainsttheresidualvalueof

theirresidence.

Answer:

homeequityloan

4._________________________allowthebanktogeneratefeeincomeaftertheyhavesoldaloan.

Thebankcontinuestocollectinterestandprincipalfromtheborrowersandpassesthesecollectionstotheloanbuyers.

Answer:

Servicingrights

5.Ina_________________________anoutsiderpurchasespartofaloanfromthesellingfinancial

institution.Generallythepurchaserhasnoinfluenceoverthetermsoftheloancontract.

Answer:

participationloan

6.A（n）_________________________isacontingentclaimofthebankthatissuesit.Theissuing

bank,inreturnforafee,guaranteestherepaymentofaloanreceivedbyitscustomerorthe

fulfillmentofacontractmadebyitscustomertoathirdparty.

Answer:

standbycreditagreement

7.A（n）_________________________occurswhentwobanksagreetoexchangeaportionorallof

theloanrepaymentsoftheircustomers.

Answer:

creditswap

8.A（n）__________________guardsagainstthelossesinthevalueofacreditasset.Itwouldpayoff

iftheassetdeclinessignificantlyinvalueorifitcompletelyturnsbad.

Answer:

creditoption.

TestBank,Chapter9146

9.A（n）_________________________combinesanormaldebtinstrumentwithacreditoption.It

allowstheissuerofthedebtinstrumenttoloweritsloanrepaymentsifsomesignificantfactorchanges.

Answer:

creditlinkednote

10.The_________________________ofastandbyletterofcreditisabankorotherinvestorwhois

concernedaboutthesafetyoffundscommittedtotherecipientofthestandbyletterofcredit.

Answer:

beneficiary

11.A（n）_________________________guaranteestheswappartiesaspecificrateofreturnontheir

creditasset.BankAmayagreetopaythetotalreturnontheloantoBankBplusanyappreciationinthemarketvalueoftheloan.InreturnBankAwilloftengetLIBORplusafixedspreadplusanydepreciationinthevalueoftheloan.

Answer:

totalreturnswap

12.The________________________isthepartythatisrequestingastandbyletterofcredit.

Answer:

accountparty

13.The__________________isthebankorfinancialinstitutionwhichguaranteesthepaymentofthe

loaninastandbyletterofcredit.

Answer:

issuer

14.A（n）_________________________isaloansalewhereownershipoftheloanistransferredtothe

buyeroftheloan,whothenhasadirectclaimagainsttheborrower.

Answer:

assignment

15.Anothertypeofloansaleisa（n）_________________________whichisashortdatedpieceofa

longermaturityloan,entitlingthepurchasertoafractionoftheexpectedloanincome.

Answer:

loanstrip

16.ArelativelynewtypeofcreditderivativeisaCDOwhichstandsfor__________________.

Answer:

collateralizeddebtobligation

17.Insurancecompaniesareaprime__________ofcreditderivatives.

Answer:

seller

18.A（n）isanover-the-counteragreementofferingprotectionagainstloss

whendefaultoccursonaloanorotherdebtinstrument.

Answer:

creditderivative

19.A（n）isrelatedtothecreditoptionandisusuallyaimedatlendersable

tohandlecomparativelylimiteddeclinesinvaluebutwantsinsuranceagainstseriouslosses.

Answer:

creditdefaultswap

20.Therehasbeenanexplosionininrecentyears.Theseinstrumentsreston

poolsofcreditderivativesthatmainlyinsureagainstdefaultsoncorporatebonds.Thecreatorsoftheseinstrumentsdonothavetobuyandpoolactualbondsbutcancreatetheseinstrumentsandgeneraterevenuesfromsellingandtradinginthem.

Answer:

syntheticCDOs（Collateralizeddebtobligations）

21.Aratesthesecuritiestobesoldfromapoolofsecuritizedloansso

thatinvestorshaveabetterideaofwhatthenewsecuritiesarelikelytobeworth.

Answer:

creditratingagency

22.A（n）isanassurancethatinvestorswillberepaidintheeventofthe

defaultoftheunderlyingloansinasecuritization.Thesecanbeinternalorexternaltothe

securitizationprocessandlowertheriskofthesecurities.

Answer:

creditenhancement

23.WhentheFHLMCcreatesCMOstheyoftenusedifferentwhicheach

promiseadifferentcouponrateandwhichhavedifferentmaturity