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Regarding mortgage passthrough securities, which of the following statements is FALSE? A. The passthrough coupon rates are less than the average coupon rate of the underlying mortgages in the pool. B. Passthrough security investors receive the monthly cash flows generated by the underlying pool of mortgages less any servicing and guarantee/insurance fees. C. Passthrough securities convert illiquid mortgages into liquid securities. D. The passthrough coupon rates are greater than the average coupon rate of the underlying mortgages in the pool. |