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Senior tranches in a subprime securitization are best protected from losses by which of the following conventions? A. Seniority of the equity tranche relative to the mezzanine tranche. B. Fixed rate teaser rates with interest rate risk retained by the borrower. C. Overcollateralization created by issuing securities with a face value in excess of the collateral pool. D. Excess spread between weighted mortgage payments and weighted payments to investors. |