- CFA Exams
- CFA Level I Exam
- Topic 6. Fixed Income
- Learning Module 19. Mortgage-Backed Security (MBS) Instrument and Market Features
- Subject 3. Residential Mortgage-Backed Securities
CFA Practice Question
The biggest difference between agency and non-agency securities is the ______.
B. prepayment rates
C. number of tranches
D. average lives
A. credit risk
B. prepayment rates
C. number of tranches
D. average lives
Correct Answer: A
The major difference between agency and non-agency securities has to do with guarantees.
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