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wershest payvided) 20. If no debt is used in financing a project, there is no financial leverage effect and the return on equity (ROE) will be the overall return on the investment (ROD). a) equal to b) equal to or greater than but cannot be less than c) greater than d) less than 21. Who owns the underlying mortgages of a Mortgage Pass-Through? a) MBS investors b) MBS issuer c) Mortgage originator d) Fannie Mae, Freddie Mac, or Ginnie Mac 22. Between commercial mortgage-backed securities (CMBS) and residential mortgage-backed securities (RMBS): a) CMBS generally have higher prepayment risks than RMBSs because of the high loan amount b) CMBS generally have higher default risks than RMBSs because of the lack of mortgage insurance (except agency CMBS) c) CMBSs do not have credit enhancements d) Income from CMBS is not taxable 5 23. How do investors of a Mortgage-Backed Bond receive their payments? a) They receive both interest and principal payments every month b) They receive both interest and principal payments every 6 months c) They receive interest payments every 6 months, and principal payments at maturity