题目
If a mortgage borrower makes prepayments without penalty to take advantage of falling interest rates, the lender will most likely experience:
选项
A.extension risk.
B.contraction risk.
C.yield maintenance.
答案
B
解析
： B is correct. Contraction risk is the risk that when interest rates decline, actual prepayments will be higher than forecasted. Extension risk is the risk that when interest rates rise, prepayments will be lower than forecasted. Yield maintenance results from prepayment penalties; the lender is protected from loss in yield by the imposition of prepayment penalties. ： B是正确的。收缩风险是指当利率下降时，实际预付款将高于预期的风险。延期风险是指当利率上升时，提前还款将低于预期的风险。收益率维持源于提前还款罚款；贷款人因提前还款罚款而免受收益损失。