- CFA Exams
- 2023 Level I
- Topic 6. Fixed Income
- Learning Module 45. Introduction to Asset-Backed Securities
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Learning Outcome Statements PDF Download
| 1. Benefits of Securitization for Economies and Financial Markets explain benefits of securitization for economies and financial markets; | |
| 2. The Securitization Process describe securitization, including the parties involved in the process and the roles they play; describe typical structures of securitizations, including credit tranching and time tranching; | |
| 3. Residential Mortgage Loans describe types and characteristics of residential mortgage loans that are typically securitized; | |
| 4. Mortgage Pass-Through Securities describe types and characteristics of residential mortgage-backed securities, including mortgage pass-through securities and collateralized mortgage obligations, and explain the cash flows and risks for each type; define prepayment risk and describe the prepayment risk of mortgage-backed securities; | |
| 5. Collateralized Mortgage Obligations describe types and characteristics of residential mortgage-backed securities, including mortgage pass-through securities and collateralized mortgage obligations, and explain the cash flows and risks for each type; define prepayment risk and describe the prepayment risk of mortgage-backed securities; | |
| 6. Commercial Mortgage-Backed Securities describe the characteristics and risks of commercial mortgage-backed securities; | |
| 7. Non-Mortgage Asset-Backed Securities describe types and characteristics of non-mortgage asset-backed securities, including the cash flows and risks of each type; | |
| 8. Collateralized Debt Obligations describe collateralized debt obligations, including their cash flows and risks; | |
| 9. Covered Bonds describe characteristics and risks of covered bonds and how they differ from other asset-backed securities. |
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