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20. Which of the following is NOT a true statement concerning the 12 Regional Federal Reserve District Banks (FRDB): a. Each FRDB sends two members

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20. Which of the following is NOT a true statement concerning the 12 Regional Federal Reserve District Banks (FRDB): a. Each FRDB sends two members of their research team to the FOMC meetings to represent and explain the interest of the District, these twenty- four members comprise the FAC (Federal Advisory Committee). b. All twelve of the FRDB Presidents sit as voting members on the FOMC. c. Although all twelve FRDB President may attend, participate and/or speak at the FOMC meetings, only five of these Presidents may vote. d. The semi-independence of the individual twelve District Banks allows for a decentralized operation to enable local responses to district issues. 21. Growth in mortgage activity and the largest segment of the Mortgage market a. home or residential C. commercial b. six-family or larger multifamily dwellings d. farm mortgages 22. Securitization of Mortgages means: a. The sale and resale of mortgages to private, individual investors. b. The listing of Mortgages on the New York Stock Exchange. c. The sale of a package of mortgages by the issuer to another financial institution, which then create (write) claims against the cash flow anticipated from the mortgages that are sold to the investing public. d. You, the borrower asking for a mortgage, must provide security against the loan. 23. MBS represents a. a type of asset-backed security (an 'instrument') which is secured by a mortgage or collection of mortgages. b. lenders selling short-term assets which are then changed into long-term investments c. A license to sell houses, buildings, and even farms. d. Mortgage Benevolent Services provides insurance to those who wish to buy but do not have the collateral, liquidity or income to qualify. 24. Which of the following is not true concerning Mortgages in the USA: a. Mortgages are callable. b. Mortgages are liens. c. Mortgages may require PMI (private mortgage insurance) d. The most popular (and) safest mortgage is a conventional mortgage

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