2021年商业银行管理彼得S.罗斯英文原书第8版英语试题.doc

Chapter 9Risk Management：Asset-Backed Securities，Loan Sales，Credit Standbys，and Credit DerivativesFill in the Blank Questions 1. When a bank sets aside a group of income-earning assets and then sells securities based upon those assets it is ________________________ those assets. Answer：securitizing 2. Often when loans are securitized they are passed on to a _________________________ who pools the loans and sells securities. Answer：special purpose entity 3. A(n) _________________________ allows a homeowner to borrow against the residual value of their residence. Answer：home equity loan 4. _________________________ allow the bank to generate fee income after they have sold a loan. The bank continues to collect interest and principal from the borrowers and passes these collections to the loan buyers. Answer：Servicing rights 5. In a _________________________ an outsider purchases part of a loan from the selling financial institution. Generally the purchaser has no influence over the terms of the loan contract. Answer：participation loan 6. A(n) _________________________ is a contingent claim of the bank that issues it. The issuing bank，in return for a fee，guarantees the repayment of a loan received by its customer or the fulfillment of a contract made by its customer to a third party. Answer：standby credit agreement 7. A(n) _________________________ occurs when two banks agree to exchange a portion or all of the loan repayments of their customers. Answer：credit swap 8. A(n) __________________ guards against the losses in the value of a credit asset. It would pay off if the asset declines significantly in value or if it completely turns bad. Answer：credit option. 9. A(n) _________________________ combines a normal debt instrument with a credit option. It allows the issuer of the debt instrument to lower its loan repayments if some significant factor changes. Answer：credit linked note 10. The _________________________ of a standby letter of credit is a bank or other investor who is concerned about the safety of funds committed to the recipient of the standby letter of credit. Answer：beneficiary 11. A(n) _________________________ guarantees the swap parties a specific rate of return on their credit asset. Bank A may agree to pay the total return on the loan to Bank B plus any appreciation in the market value of the loan. In return Bank A will often get LIBOR plus a fixed spread plus any depreciation in the value of the loan. Answer：total return swap 12. The ________________________ is the party that is requesting a standby letter of credit. Answer：account party 13. The __________________ is the bank or financial institution which guarantees the payment of the loan in a standby letter of credit. Answer：issuer 14. A(n) _________________________ is a loan sale where ownership of the loan is transferred to the buyer of the loan，who then has a direct claim against the borrower. Answer：assignment 15. Another type of loan sale is a(n) _________________________ which is a short dated piece of a longer maturity loan，entitling the purchaser to a fraction of the expected loan income. Answer：loan strip 16. A relatively new type of credit derivative is a CDO which stands for __________________. Answer：collateralized debt obligation 17. Insurance companies are a prime __________ of credit derivatives. Answer：seller 18. A(n) is an over-the-counter agreement offering protection against loss when default occurs on a loan or other debt instrument.Answer： credit derivative19. A(n) is related to the credit option and is usually aimed at lenders able to handle comparatively limited declines in value but wants insurance against serious losses.Answer： credit default swap20. There has been an explosion in in recent years. These instruments rest on pools of credit derivatives that mainly insure against defaults on corporate bonds. The creators of these instruments do not have to buy and pool actual bonds but can create these instruments and generate revenues from selling and trading in them.Answer： synthetic CDOs (Collateralized debt obligations)21. A rates the securities to be sold from a pool of securitized loans so that investors have a better idea of what the new securities are likely to be worth.Answer： credit rating agency22. A(n) is an assurance that investors will be repaid in the event of the default of the underlying loans in a securitization. These can be internal or external to the securitization process and lower the risk of the 。