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FIN 430 Assignment 4 (Due on Mar.10th) Name: 1. Which of the following statements regarding mortgage-backed securities (MBS) and collateralized mortgage obligations (CMOs) is most correct: A. MBSs are created from CMOs. B. Creating CMOs does not reduce the overall prepayment risk of a mortgage passthrough security. C. The prepayment option of an MBS benefits the security holder. D. The cash flows received on the MBS are quite similar to those of a callable coupon bond. B. Creating a CMO can redistribute the prepayment risk among tranches but it does not alter the overall prepayment risk of a mortgage passthrough security. Although MBS and callable bonds both have reinvestment risk, the cash flows from an MBS are different in that mortgage loans are amortizing. 2. Compared to the underlying MBS, a collateralized mortgage obligation (CMO) tranche: A. has less prepayment risk. B. has lower duration. C. may have more or less prepayment risk. D. Allows an investor to select an exact maturity. C. CMOs redistribute prepayment risk and/or the expected repayment term of the underlying MBS among the CMO tranches. If some tranches have less prepayment risk, other must have more. 3. A domestic investor is purchasing foreign bonds. Which of the following statements regarding the exchange rate risk and price movement of the asset is most correct? A. The depreciation of both the asset and the foreign currency benefits the domestic investor. B. The depreciation of the asset and the appreciation of the foreign currency benefit the domestic investor. C. The appreciation of the asset and the depreciation of the foreign currency benefit the domestic investor. D. The appreciation of both the asset and the foreign currency benefits the domestic investor.

D. When the foreign currency appreciates, each foreign currency-denominated cash flow buys more domestic currency units – increasing the domestic currency return from the investment. The appreciation of the foreign asset benefits the investor as well. 4. Under a system of flexible exchange rates, an increase in the foreign demand for U.S. good will cause: A. the dollar to appreciate in value. B. the U.S. trade deficit to increase. C. the U.S. inflation rate to increase. D. nominal interest rates in the U.S. to decrease. A. As the demand for U.S. goods increases, so will the demand for U.S. dollars to purchase these goods. This will cause an appreciation of the U.S. dollar. 5. In balance-of-payments transactions, the current account: A. equals imports minus exports. B. measures the flow of all investment funds and loans in the United States. C. is the record of transactions with foreigners that involve either the exchange of ownership right to real or financial assets, or the extension of loans. D. is the record of all transactions with foreign nations that involve the exchange of merchandise goods and services, current income derived from investments, and unilateral gifts. D. The current account measures the exchange of merchandise goods, the exchange of services, the exchange of investment income, and unilateral transfers (gifts to and from other nations). 6. What are the differences between “conforming mortgages” and “non-conforming mortgages”? Conforming mortgages are mortgage loans that are securitizable by Fannie or Freddie. These are three criteria to identify a conforming mortgage: (a) Mortgage principal must be less than the conforming limit, which is currently standing at $417,000 (or $625,500 in high-cost areas). (b) Loan to value (LTV) ratio is no more than 80% or borrowers must have private mortgage insurance (PMI). (c) Documentation requirements (proof of income, credit history, etc.)

7. What special features of Fannie Mae and Freddie Mac make the financial market treat them more favorably relative to other financial institutions?

They were created by the U.S. Congress. They have lines of credit from U.S. Treasury. They are exempt from state and local income taxes. They are exempt from SEC oversight. Instead, they are regulated by Federal Housing Finance Authority (FHFA).

8. The spot rate of U.S. dollar for Euro is $1.50/€. Bank Kansas finances its one-year term, €500 loan with a $750 one-year U.S. dollar CD. Bank Kansas charges an interest rate of 10% on its Euro loan, and the interest rate on its U.S. dollar CD is 6%. If exchange rate of U.S. dollar for Euro is expected to increase to $2.00/€ in a year, what is the expected net income for Bank Kansas from its Euro loan in a year? (€500*(1+10%))*$2.00/€ - $750*(1+6%) =$305

9. Assume Interest Rate Parity (IRP) holds and consider the following data: Spot exchange rate EUR/USD=1.058 Annualized risk-free interest rates (three-month maturity) 3.39% for the euro 1.76% for the U.S. dollar What is the three-month forward exchange rate EUR/USD? Three-month interest rates over the period are ������€ 3.39%(3/12)=0.8475% ������$ 1.76%(3/12)=0.44% $1.058 (1 + 0.0044) = X=1.054 10. [Research Question] Go to the Wall Street Journal website at www.wsj.com and (1) investigate which foreign currency has strengthened most against U.S. dollar since 2014 and which currency has weakened most against U.S. dollar year-to-date. You can turn in the printout as well. (2) Investigate Chinese currency (Yuan) has strengthened or weakened against U.S. dollar this year and discuss what would be the possible explanations behind this change in value.
$������ €

× €1 (1+0.008475)…...

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