金融市场与机构 12Word文档格式.docx
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金融市场与机构 12Word文档格式.docx
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2.Whichofthefollowingareimportantwaysinwhichmortgagemarketsdifferfromstockandbondmarkets?
(a)Theusualborrowersincapitalmarketsaregovernmententities,whereastheusualborrowersinmortgagemarketsaresmallbusinesses.
(b)Theusualborrowersincapitalmarketsaregovernmententitiesandlargebusinesses,whereastheusualborrowersinmortgagemarketsaresmallbusinesses.
(c)Theusualborrowersincapitalmarketsaregovernmententitiesandlargebusinesses,whereastheusualborrowersinmortgagemarketsaresmallbusinessesandindividuals.
(d)Theusualborrowersincapitalmarketsarebusinessesandgovernmententities,whereastheusualborrowersinmortgagemarketsareindividuals.
3.Whichofthefollowingaretrueofmortgages?
(a)Amortgageisalong-termloansecuredbyrealestate.
(b)Aborrowerpaysoffamortgageinacombinationofprincipalandinterestpaymentsthatresultinfullpaymentofthedebtbymaturity.
(c)Over80percentofmortgageloansfinanceresidentialhomepurchases.
(d)Alloftheabovearetrueofmortgages.
(e)Only(a)and(b)oftheabovearetrueofmortgages.
4.Whichofthefollowingaretrueofmortgages?
(b)Borrowerspayoffmortgagesovertimeinsomecombinationofprincipalandinterestpaymentsthatresultinfullpaymentofthedebtbymaturity.
(c)Lessthan65percentofmortgageloansfinanceresidentialhomepurchases.
E
5.Whichofthefollowingaretrueofmortgages?
(a)Priortothe1920s,U.S.bankinglegislationdiscouragedmortgagelendingbybanks.
(b)Inthe1920s,mostmortgageswereballoonloans,whichrequiredtheborrowertopaytheentireloanamountafterthreetofiveyears.
(c)Becausemortgagesarelong-termloanssecuredbyrealestate,mortgagelenderstendedtofailwhenlandpricesdeclined,aswasoftenthecaseduringeconomicrecessions.
(d)Alloftheabovearetrue.
(e)Only(a)and(b)oftheabovearetrue.
6.Whichofthefollowingistrueofmortgageinterestrates?
(a)Interestratesonmortgageloansaredeterminedbythreefactors:
currentlong-termmarketrates,thetermofthemortgage,andthenumberofdiscountpointspaid.
(b)MortgageinterestratestendtotrackalongwithTreasurybondrates.
(c)Theinterestrateon15-yearmortgagesislowerthantherateon30-yearmortgages,allelse
thesame.
7.Whichofthefollowingaretrueofmortgages?
(a)Morethan80percentofmortgageloansfinanceresidentialhomepurchases.
(b)TheNationalBankingActof1863rewardedbanksthatincreasedmortgagelending.
(c)Mostmortgagesduringthe1920sand1930swereballoonloans.
(e)Only(a)and(c)oftheabovearetrue.
8.Whichofthefollowingistrueofmortgageinterestrates?
(a)Longer-termmortgageshavelowerinterestratesthanshorter-termmortgages.
(b)MortgageratesarelowerthanTreasurybondrates,becauseofthetax-deductibilityofmortgageinterestrates.
(c)Inexchangeforpoints,lendersreduceinterestratesonmortgageloans.
C
9.Typically,discountpointsshouldnotbepaidiftheborrowerwillpayofftheloanin_________yearsorless.
(a)5
(b)10
(c)15
(d)20
A
10.Whichofthefollowingistrueofmortgageinterestrates?
(a)Longer-termmortgageshavehigherinterestratesthanshorter-termmortgages.
(b)Inexchangeforpoints,lendersreduceinterestratesonmortgageloans.
(c)MortgageratesarelowerthanTreasurybondratesbecauseofthetaxdeductibilityofmortgageinterestpayments.
11.Whichofthefollowingreducesmoralhazardforthemortgageborrower?
(a)Collateral
(b)Downpayments
(c)Privatemortgageinsurance
(d)Borrowerqualifications
B
12.Whichofthefollowingprotectsthemortgagelender’srighttosellpropertyiftheunderlyingloandefaults?
(a)Alien
(b)Adownpayment
(d)Borrowerqualification
(e)Amortization
13.Whichofthefollowingistrueofmortgageinterestrates?
(a)MortgageratesarecloselytiedtoTreasurybondrates,butmortgageratestendtostaybelowTreasuryratesbecausemortgagesaresecuredwithcollateral.
(b)Longer-termmortgageshavehigherinterestratesthanshorter-termmortgages.
(c)Interestratesarehigheronmortgageloansonwhichlenderschargepoints.
14.Duringtheearlyyearsofanamortizingmortgageloan,thelenderapplies
(a)mostofthemonthlypaymenttotheoutstandingprincipalbalance.
(b)allofthemonthlypaymenttotheoutstandingprincipalbalance.
(c)mostofthemonthlypaymenttointerestontheloan.
(d)allofthemonthlypaymenttointerestontheloan.
(e)themonthlypaymentequallytointerestontheloanandtheoutstandingprincipalbalance.
15.Duringthelastyearsofanamortizingmortgageloan,thelenderapplies
16.Duringthelastyearsofaballoonmortgageloan,thelenderapplies
17.Duringtheearlyyearsofaballoonmortgageloan,thelenderapplies
18.AborrowerwhoqualifiesforanFHAorVAloanenjoystheadvantagethat
(a)themortgagepaymentismuchlower.
(b)onlyaveryloworzerodownpaymentisrequired.
(c)thecostofprivatemortgageinsuranceislower.
(d)thegovernmentholdsthelienontheproperty.
19.(I)Conventionalmortgagesareoriginatedbyprivatelendinginstitutions,andFHAorVAloansareoriginatedbythegovernment.(II)Conventionalmortgagesareinsuredbyprivatecompanies,andFHAorVAloansareinsuredbythegovernment.
(a)(I)istrue,(II)isfalse.
(b)(I)isfalse,(II)istrue.
(c)Botharetrue.
(d)Botharefalse.
20.Borrowerstendtoprefer_________to_________,whereaslendersprefer_________
(a)fixed-rateloans;
ARMs;
fixed-rateloans.
(b)ARMs;
fixed-rateloans;
(c)fixed-rateloans;
ARMs.
(d)ARMs;
21.(I)ARMsofferlowerinitialratesandtheratemayfallduringthelifeoftheloan.(II)Conventionalmortgagesdonotallowaborrowertotakeadvantageoffallinginterestrates.
22.Growing-equitymortgages(GEMs)
(a)helptheborrowerpayofftheloaninashortertime.
(b)havesuchlowpaymentsinthefirstfewyearsthattheprincipalbalanceincreases.
(c)offerborrowerspaymentsthatareinitiallylowerthanthepaymentsonaconventionalmortgage.
(d)doalloftheabove.
(e)doonly(a)and(b)oftheabove.
23.Aborrowerwitha30-yearloancancreateaGEMby
(a)simplyincreasingthemonthlypaymentsbeyondwhatisrequiredanddesignatingthattheexcessbeappliedentirelytotheprincipal.
(b)convertinghisARMintoaconventionalmortgage.
(c)convertinghisconventionalmortgageintoanARM.
(d)convertinghisconventionalmortgageintoaGPM.
24.Whichofthefollowingareusefulforhomebuyerswhoexpecttheirincometoriseinthefuture?
(a)GPMs
(b)RAMs
(c)GEMs
(d)(a)and(b)
(e)(a)and(c)
25.Whichofthefollowingareusefulforhomebuyerswhoexpecttheirincometofallinthefuture?
26.Retiredpeoplecanliveontheequitytheyhaveintheirhomesbyusinga
(a)GEM.
(b)GPM.
(c)SAM.
(d)RAM.
27.Secondmortgagesservethefollowingpurposes:
(a)theygiveborrowersawaytousetheequitytheyhavei
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