问题
单项选择题
A mortgage-backed security has the following characteristics: It was created by pooling a collection of more than a thousand mortgages Not all investors face the same prepayment risk Investors receive three distinct kinds of cash flows Freddie Mac issued the security This security is a(n):（）
A. collateralized mortgage obligation.
B. stripped mortgage-security.
C. mortgage passthrough security.
答案
参考答案：A
解析：
While most mortgage-backed securities pay three types of cash flows, only mortgage pass-throughs and collateralized mortgage obligations (CMOs) are formed by pooling mortgages. Only CMOs divide investors into tranches with different cash flows and risk profiles.