1)Many regulated institutional investors are required to invest only in debt instruments that are given certain levels of quality as determined by an NRSRO. NRSRO stands for N___________ R______________S_____________R______________O_____________. The NRSRO designation is granted by what government entity? ______________________________________________________________________

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2)CMBS B-piece buyers were, until 2008, able to totally eliminate the risk exposure that they held as owners of first-loss positions.How did they accomplish this? _________________________________________________________________________

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3)In almost every CMBS securitization, there are a small number of ARD loans. Upon the ARD, hyperamortization and an increase of the interest rate become effective, yet they are requested by and are intended to be beneficial to the borrowers. In what way are these ARDs beneficial to the borrowers?____________________________________

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4)In the fall of 2009, REMIC rules were modified with the intent of easing the resolution of securitized loans that were likely to become delinquent in the future.Observing most of the loans recently assigned to Special Servicers, we are seeing this modification being implemented.What is the modification?