商业银行管理ROSE7e课后答案chapter.doc

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衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃蕿螃袂肂芈薅螈肂莁螁蚄膁蒃薄羂膀膂蝿袈腿芅薂袄膈蒇袇螀膇蕿蚀聿膆艿蒃羅膆莁虿袁膅蒄蒁螇芄膃蚇蚃芃芆蒀羂节莈蚅羈芁薀蒈袄芀芀螃蝿芀莂薆肈艿蒅螂羄芈薇薅袀莇芆螀螆羄荿薃蚂羃蒁螈肁羂芁薁羇羁莃袇袃羀蒅虿蝿罿薈蒂肇羈芇蚈羃肈莀蒁衿肇蒂蚆螅肆膂葿蚁肅莄蚄肀肄蒆薇羆肃 CHAPTER 9RISK MANAGEMENT USING ASSET-BACKED SECURITIES, LOAN SALES, CREDIT STANDBYS, AND CREDIT DERIVATIVESGoal of This Chapter: The purpose of this chapter is to learn about some of the newer financial instruments that financial institutions have used in recent years to help reduce the risk exposure of their institutions and, in some cases, to aid in generating new sources of fee income and in raising new funds to make loans and investments.Key Topics in This Chapter The Securitization Process Securitizations Impact and Risks Sales of Loans: Nature and Risks Standby Credits: Pricing and Risks Credit Derivatives and CDOs Benefits and Risks of Credit DerivativesChapter OutlineI.IntroductionII.Securitizing Bank Loans and Other AssetsA.Nature of SecuritizationB.The Securitization ProcessC.Advantages of SecuritizationD.The Beginnings of Securitization The Home Mortgage Market1.Collateralized Mortgage Obligations CMOs2.Loan Backed BondsE.Examples of Other Assets That Have Been SecuritizedF.The Impact of Securitization Upon Lending InstitutionsG.Regulators Concerns About SecuritizationIll.Sales of Loans to Raise FundsA.Nature of Loan SalesB.Loan Participations and Loan StripsC.Reasons Behind Loan SalesD.The Risks in Loan SalesIV.Standby Credit LettersA.The Nature of Standby Credits (Contingent Obligations)B.Types of Standby Credit LettersC.Advantages of StandbysD.Reasons for Rapid Growth of StandbysE.The Structure of Standby Letters of CreditF.The Value and Pricing of Standby LettersG.Sources of Risk with Standby CreditsH.Regulatory Concerns about Standby Credit ArrangementsI.Research Studies on Standbys, Loan Sales, and SecuritizationsV.Credit Derivatives: Contracts for Reducing Credit Risk Exposure on the Balance SheetA.An Alternative to SecuritizationB.Credit SwapsC.Credit OptionsD.Credit Default SwapsE.Credit Linked NotesF.Collateralized Debt ObligationsG.Risks Associated With Credit DerivativesVI.Summary of the ChapterConcept Checks9-1.What does securitization of assets mean?Securitization involves the pooling of groups of earning assets, removing those pooled assets from the banks balance sheet, and issuing securities against the pool. As the pooled assets generate interest income and repayments of principal the cash generated by the pooled earning assets flows through to investors who purchased those securities.9-2.What kinds of assets are most amenable to the securitization process?The best types of assets to pool are high quality, fairly uniform loans, such as home mortgages or credit card receivables.9-3.What advantages does securitization offer lending institutions?Securitization gives lending institutions the opportunity to use their assets as sources of funds and, in particular, to remove lower-yielding assets from the balance sheet to be replaced with higher-yielding assets.9-4.What risks of securitization should the managers of lending institutions be aware of?Lending institutions often have to use the highest-quality assets in the securitization process which means the remainder of the portfolio may become more risky, on average, increasing the banks capital requirements.9-5.Suppose that a bank securitizes a package of its loans that bear a gross annual interest yield of 13 percent. The securities issued against the loan package promise interested investors an annualized yield of 8.25 percent. The expected default rate on the packaged loans is 3.5 percent. The bank agrees to pay an annual fee of 0.35 percent to a security dealer to cover the cost of underwriting and advisory services and a fee of 0.25 percent to Arunson Mortgage Servicing Corporation to process the expected payments generated by the packaged loans. If the above items represent all the costs associated with this securitization transaction can you calculate the percentage amount of residual income the bank expects to earn from this particular transaction?The banks estimated residual income should be about:Gross LoanSecurity Expected Default OnUnderwritingYield-Interest Rate-Packaged Loans-And Advisory Fee13%8.25%3.5%.35%ServicingExpected-Fee=Residual Income.25%.65%9-6.What advantages do sales of loans have for lending institutions trying to raise funds?Loan sales permit a lending institution to get rid of less desirable or lower-yielding loans and allow them to raise additional funds. In addition, replacing loans that are sold with marketable securities can increase the liquidity of the lending institution.9-7.Are there any disadvantages to using loan sales as a significant source of funding for banks and other financial institutions?The lender may find themselves selling off their highest quality loans, leaving their loan portfolio stocked with poor-quality loans which can trigger the attention of regulators who might require higher capital requirements for the lender. .9-8.What is loan servicing?Loan servicing involves monitoring borrower compliance with a loans terms, collecting and recording loan payments, and reporting to the current holder of the loan.9-9.How can loan servicing be used to increase income?Many banks have retained servicing rights on the loans they have sold, earning fees from the current owners of