What is the present value of a $20 million pool of 15-year mortgages with an 11.5 percent per year monthly mortgage coupon if market rates are 8 percent? The GNMA guarantee fee is 8 basis points and the FI servicing fee is 42 basis points. a. Assume that the GNMA pass-through is fully amortized. b. Assume that the GNMA pass-through is only half amortized. Market rates are still 8 percent. If there is a lump sum payment at the maturity of the GNMA pass-through that equals 40 percent of the mortgage pool's face value, find the present value of the pass-through