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In assessing interest rate risk for MBS, what two important factors distinguish the concepts of Average Life from Duration and define each. In addition, a

In assessing interest rate risk for MBS, what two important factors distinguish the concepts of Average Life from Duration and define each. In addition, a high-risk mortgage security is a CMO tranche or pass through that, at the time of purchase or at subsequent testing dates, meets any one of 3 tests. What are the tests as laid out by FFIEC?

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