a. There is a financial engineering in conversion arbitrage through which single class instruments can be transformed into multiclass instruments. What type of conversion arbitrage is it? This conversion arbitrage can be classifled into two types based on tranches. Explain those. b. What is the structure of pass through security market? Suppose there are some homeowners who want to take mortgage loan and mortgage originator taking 55 basis point service charge pools these mortgage loans and converts into pass through securities. Draw the structure of pass-through security market based on this situation if the mortgagors pay 10.85% for home loan