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Prepayment burnout in a mortgage-backed security (MBS) refers to the fact that: A. some tranches will experience extreme rates of prepayment. B. investors will shun MBS when prepayment rates are severe. C. in the later years of a downward trend in interest rates, less mortgages will be refinanced. D. eventually a MBS will exceed the maximum prepayments allowed when interest rates drop too low. |