Consider you have 100mm FN 6 30yr Pass-Throughs with a gross WAC of 6.50. Those 100mm FN 6s are structured into 50mm Front sequential and 50mm back Sequential (last cashflow). I) What is the average life of the Front Sequential assuming no prepayments? II) What is the average life the front sequential assuming a constant 6cpr? III) Under the constant 6cpr assumption in what month does the back sequential begin receiving principal payments? IV) Is the front sequential typically more or less negatively convex than the underlying pass-throughs? Why? V) Has CMO issuance increased or decreased over the last 2 years? Why? (hint: it's related to the type of investors who typically buy the front sequentials)