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CAIA level 1 - Topic 6 Structured Products questions with correct answers

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Primary economic role of structuring - Answer Structured securities complete the market - structured to meet all different needs & helps investors prepare for all states of the world MBS - Answer Mortgage-backed securities - security secured by pool of mortgages (mortgages are the collateral) RMBS - Agency RMBS - Answer Residential MBS - low credit risk: backed by the US government - has prepayment risk: borrower' s right to repay mortgage early a key risk Contraction risk - Answer Average life decreases when rates fall and prepayments increase Extension risk - Answer Average life extension as rates rise and prepayments fall CMO - Answer Collaterialized Mortgage obligations - pool of mortgages are divided into tranches - collects and sell risk exposure to contraction rick & extension risk Sequential-pay tranches - Answer Tranches retired sequentially

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