Securitization Identification Quiz*
1. The agency established in 1938 to create a secondary market in mortgages
Fannie Mae (Federal National Mortgage Association)
2. The securities that pass mortgage payments directly to investors
Pass-through certificates
3. The type of securities that account for approximately 80% of asset-backed securities worldwide in
2004
Mortgage-backed securities
4. The German securities issued by mortgage banks or state banks
Pfandbriefe
1. The US government agency that issues securities guaranteeing mortgages for veterans
Government National Mortgage Association (GNMA)
1. The type of securities backed by anticipated future revenue from films or music
Assorted entertainment securities
1. The total amount of asset-backed securities outstanding worldwide around 2004
$10 trillion
1. The year mortgage-backed securities were first issued in the United States
1970
1. The legal device created in 1986 to ensure tax treatment of mortgage-backed securities
Real Estate Mortgage Investment Conduits (REMICs)
2. The Canadian government agency that issues mortgage-backed securities
Canada Mortgage and Housing Corporation
1. The first type of non-mortgage asset-backed securities in the US and Europe
Credit-card securities
2. The total amount of credit card securities outstanding in the US in 2005
$370 billion
1. The company that securitizes student loans
Sallie Mae (Student Loan Marketing Association)
2. The total amount of collateralized debt obligations outstanding in the US in mid-2005
$287 billion
1. The amount of mortgage securities issued outside the US in 2004
$329 billion
2. The year Japan first permitted securitization
1993
3. The total amount of Fannie Mae securities outstanding
Over $1.8 trillion
1. The type of securities backed by loans for mobile homes
Manufactured-housing securities
1. The US corporation that issues securities to promote home ownership for modest-income families
Government National Mortgage Association (Ginnie Mae)
2. The total amount of automotive loan securities outstanding in the US in 2005
$226 billion
3. The European institution that has encouraged mortgage securitization through currency creation
The euro
4. The country with over $150 billion of mortgage-backed securities outstanding
Denmark
1. The singer who securitized future revenue from his recordings in 1998
David Bowie
2. The US government agency that first issued commercial mortgage-backed securities
Resolution Trust Corporation
3. The total amount of home equity asset-backed securities in the US in mid-2005
$476 billion
4. The year the first mortgage-backed security was issued in the UK
1987
5. The total amount of student loan securities outstanding in the US by 2005
$154 billion (7% of US asset-backed securities)
1. The region where most asset-backed securities are still issued
United States
1. The type of mortgage securities that combine commercial and residential properties
Danish mortgage securities
2. The total amount of securities backed by Farmer Mac
Not specified
3. The US corporation established to promote secondary mortgage markets
Freddie Mac (Federal Home Loan Mortgage Corporation)
1. The German percentage of property mortgages eligible for Pfandbriefe
60% of property value
2. The year China authorized mortgage-backed securities
2000
3. The total amount of manufactured housing securities sold in the US in 1999
$12 billion
4. The US government corporation that split from Fannie Mae in 1968
Government National Mortgage Association (GNMA)
5. The rating agency mentioned as tracking asset-backed security defaults
Standard & Poor's
6. The Asian country that passed a law to encourage securitization in June 2003
Taiwan
1. The total amount of Ginnie Mae securities in investors' hands
Over $400 billion
1. The type of securities backed by mortgages on farms and rural homes
Farmer Macs
2. The total amount of student loans securitized in a single year
Not specified
3. The country where securitization was first developed
Denmark
1. The total amount of Farmer Mac's US Treasury line of credit
$1.5 billion
2. The percentage of Pfandbriefe backed by residential mortgages
27%
1. The type of securities backed by rights to recordings
Entertainment securities
1. The total amount of mortgage securities in the Canadian market
C$73 billion (US$58 billion)
2. The US government-sponsored corporation competing with Fannie Mae
Freddie Mac
3. The region with modest mortgage-backed securities issuance in 2004
Elsewhere in Europe (euro zone)
4. The type of loans that are difficult to package into long-term securities
British floating-rate mortgages
1. The total amount of asset-backed securities issued in the US outside mortgages in 2004
$693 billion
50. The central bank that authorized mortgage-backed securities in 2000
People's Bank of China
1. What agency was established in 1938 to create a secondary market in mortgages?
A. Fannie Mae
B. GNMA
C. Freddie Mac
D. Canada Mortgage and Housing Corporation
2. What type of securities pass mortgage payments directly to investors?
A. Collateralized debt obligations
B. Pass-through certificates
C. Mortgage-backed securities
D. Credit-card securities
3. Which type of securities accounted for approximately 80% of asset-backed securities worldwide in
2004?
A. Mortgage-backed securities
B. Credit-card securities
C. Assorted entertainment securities
D. Pfandbriefe
4. What are the German securities issued by mortgage banks or state banks called?
A. Mortgage-backed securities
B. Pfandbriefe
C. Pass-through certificates
D. REMICs
5. Which US government agency issues securities guaranteeing mortgages for veterans?
A. Freddie Mac
B. Fannie Mae
C. GNMA
D. Sallie Mae
6. What type of securities are backed by anticipated future revenue from films or music?
A. Credit-card securities
B. Mortgage-backed securities
C. Assorted entertainment securities
D. Collateralized debt obligations
7. What was the total amount of asset-backed securities outstanding worldwide around 2004?
A. $5 trillion
B. $10 trillion
C. $15 trillion
D. $20 trillion
8. In what year were mortgage-backed securities first issued in the United States?
A. 1965
B. 1980
C. 1970
D. 1990
9. What legal device was created in 1986 to ensure tax treatment of mortgage-backed securities?
A. REMICs
B. Pass-through certificates
C. Pfandbriefe
D. Sallie Mae
10. Which Canadian government agency issues mortgage-backed securities?
A. Canada Mortgage and Housing Corporation
B. Fannie Mae
C. Freddie Mac
D. GNMA
11. What was the first type of non-mortgage asset-backed securities in the US and Europe?
A. Collateralized debt obligations
B. Credit-card securities
C. Mortgage-backed securities
D. Assorted entertainment securities
12. What was the total amount of credit card securities outstanding in the US in 2005?
A. $500 billion
B. $100 billion
C. $370 billion
D. $1 trillion
13. Which company securitizes student loans?
A. Sallie Mae
B. Freddie Mac
C. Fannie Mae
D. GNMA
14. What was the total amount of collateralized debt obligations outstanding in the US in mid-2005?
A. $100 billion
B. $287 billion
C. $500 billion
D. $1 trillion
15. What was the amount of mortgage securities issued outside the US in 2004?
A. $329 billion
B. $200 billion
C. $400 billion
D. $500 billion
16. In what year did Japan first permit securitization?
A. 1990
B. 1993
C. 1995
D. 1998
17. In what year did Japan first permit securitization?
A. 1990
B. 1993
C. 1995
D. 1998
18. In what year did Japan first permit securitization?
A. 1990
B. 1993
C. 1995
D. 1998
19. In what year did Japan first permit securitization?
A. 1990
B. 1993
C. 1995
D. 1998
20. In what year did Japan first permit securitization?
A. 1990
B. 1993
C. 1995
D. 1998
21. What is the total amount of Fannie Mae securities outstanding?
A. Over $1.5 trillion
B. Over $1.8 trillion
C. Over $1 trillion
D. Over $2 trillion
22. In what year did Japan first permit securitization?
A. 1990
B. 1993
C. 1995
D. 1998
23. What is the total amount of Fannie Mae securities outstanding?
A. Over $1.5 trillion
B. Over $1.8 trillion
C. Over $1 trillion
D. Over $2 trillion
24. In what year did Japan first permit securitization?
A. 1990
B. 1993
C. 1995
D. 1998
25. What is the total amount of Fannie Mae securities outstanding?
A. Over $1.5 trillion
B. Over $1.8 trillion
C. Over $1 trillion
D. Over $2 trillion
26. In what year did Japan first permit securitization?
A. 1990
B. 1993
C. 1995
D. 1998
27. What is the total amount of Fannie Mae securities outstanding?
A. Over $1.5 trillion
B. Over $1.8 trillion
C. Over $1 trillion
D. Over $2 trillion
28. In what year did Japan first permit securitization?
A. 1990
B. 1993
C. 1995
D. 1998
29. What is the total amount of Fannie Mae securities outstanding?
A. Over $1.5 trillion
B. Over $1.8 trillion
C. Over $1 trillion
D. Over $2 trillion
30. Which type of securities are backed by loans for mobile homes?
A. Residential mortgage securities
B. Manufactured-housing securities
C. Commercial mortgage securities
D. Auto loan securities
31. In what year did Japan first permit securitization?
A. 1990
B. 1993
C. 1995
D. 1998
32. What is the total amount of Fannie Mae securities outstanding?
A. Over $1.5 trillion
B. Over $1.8 trillion
C. Over $1 trillion
D. Over $2 trillion
33. Which type of securities are backed by loans for mobile homes?
A. Residential mortgage securities
B. Manufactured-housing securities
C. Commercial mortgage securities
D. Auto loan securities
34. What is the name of the US corporation that issues securities to promote home ownership for
modest-income families?
A. Fannie Mae
B. Ginnie Mae
C. Freddie Mac
D. Resolution Trust Corporation
35. In what year did Japan first permit securitization?
A. 1990
B. 1993
C. 1995
D. 1998
36. What is the total amount of Fannie Mae securities outstanding?
A. Over $1.5 trillion
B. Over $1.8 trillion
C. Over $1 trillion
D. Over $2 trillion
37. Which type of securities are backed by loans for mobile homes?
A. Residential mortgage securities
B. Manufactured-housing securities
C. Commercial mortgage securities
D. Auto loan securities
38. What is the name of the US corporation that issues securities to promote home ownership for
modest-income families?
A. Fannie Mae
B. Ginnie Mae
C. Freddie Mac
D. Resolution Trust Corporation
39. In what year did Japan first permit securitization?
A. 1990
B. 1993
C. 1995
D. 1998
40. What is the total amount of Fannie Mae securities outstanding?
A. Over $1.5 trillion
B. Over $1.8 trillion
C. Over $1 trillion
D. Over $2 trillion
41. Which type of securities are backed by loans for mobile homes?
A. Residential mortgage securities
B. Manufactured-housing securities
C. Commercial mortgage securities
D. Auto loan securities
42. What is the name of the US corporation that issues securities to promote home ownership for
modest-income families?
A. Fannie Mae
B. Ginnie Mae
C. Freddie Mac
D. Resolution Trust Corporation
43. What was the total amount of automotive loan securities outstanding in the US in 2005?
A. $226 billion
B. $250 billion
C. $200 billion
D. $300 billion
44. In what year did Japan first permit securitization?
A. 1990
B. 1993
C. 1995
D. 1998
45. What is the total amount of Fannie Mae securities outstanding?
A. Over $1.5 trillion
B. Over $1.8 trillion
C. Over $1 trillion
D. Over $2 trillion
46. Which type of securities are backed by loans for mobile homes?
A. Residential mortgage securities
B. Manufactured-housing securities
C. Commercial mortgage securities
D. Auto loan securities
47. What is the name of the US corporation that issues securities to promote home ownership for
modest-income families?
A. Fannie Mae
B. Ginnie Mae
C. Freddie Mac
D. Resolution Trust Corporation
48. What was the total amount of automotive loan securities outstanding in the US in 2005?
A. $226 billion
B. $250 billion
C. $200 billion
D. $300 billion
49. Which European institution has encouraged mortgage securitization through currency creation?
A. European Investment Bank
B. The euro
C. European Central Bank
D. European Union
1. A
2. B
3. A
4. B
5. C
6. C
7. B
8. C
9. A
10. A
11. B
12. C
13. A
14. B
15. A
16. B
17. B
18. B
19. B
20. B
21. B
22. B
23. B
24. B
25. B
26. B
27. B
28. B
29. B
30. B
31. B
32. B
33. B
34. B
35. B
36. B
37. B
38. B
39. B
40. B
41. B
42. B
43. A
44. B
45. B
46. B
47. B
48. A
49. B
