"Fixed Income":Amortizing collateral
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Questions 1:
In a securitization, the seller of the pool of securitized assets is the:
A 、trustee.
B 、special purpose entity.
C 、depositor.
Questions 2:
Which of the following is least likely a feature of a credit card receivable ABS?
A 、An early amortization provision
B、Amortizing collateral
C 、A lockout period
C is correct. The collateral in a securitization is the pool of securitized assets from which cash flows will be generated. The seller of the collateral is the depositor, also referred to as the originator.
A is incorrect because the trustee is typically a financial institution that safeguards the assets, hold funds for bondholders until they are paid, and provides periodic information to the bondholders.
B is incorrect because the special purpose vehicle (SPV) is the issuer in the securitization.
B is correct. A credit card receivable ABS is an example of an ABS with a non-amortizing collateral.
A is incorrect because a credit card receivable ABS may require early amortization of the principal if certain events occur. Such an early amortization provision would safeguard the credit quality of the issue.
C is incorrect because a credit card receivable ABS would typically have a lockout period during which the cash flow that is paid out to security holders is based only on finance charges collected and fees.
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