题目
Which of the following describes a typical feature of a non-agency residential mortgage-backed security (RMBS)?
选项
A.Senior\/subordinated structure
B.A pool of conforming mortgages as collateral
C.A guarantee by a government-sponsored enterprise
答案
A
解析
： A is correct. Non-agency RMBS are credit enhanced, either internally or externally, to make the securities more attractive to investors. The most common forms of internal credit enhancements are senior/subordinated structures, reserve accounts, and overcollateralization. Conforming mortgages are used as collateral for agency (not non-agency) mortgage pass-through securities. An agency RMBS, rather than a non-agency RMBS, issued by a GSE (government sponsored enterprise), is guaranteed by the respective GSE. ： A是正确的。非代理RMBS是信用增强，无论是内部或外部，使证券更吸引投资者。最常见的内部信用增强形式是高级/次级结构、准备金账户和过度抵押。合格抵押被用作代理（而不是非代理）MPS的抵押品。由GSE（政府赞助企业）发行的代理RMBS，而不是非代理RMBS，由相应的GSE担保。