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The Big Short Part 1
Test Description: Preface thru page 10
Instructions: Answer all questions to get your test result.
1) Which of the following statements is not true...
A
Meredith Whitney was trained by Steve Eisman
B
Steve Eisman predicted the the subprime mortgage catastrophe.
C
Meredith Whitney claimed that all Wallstreet bankers were corrupt.
D
Many investors claimed to have predicted the subprime mortgage catastrophe.
2) Aames Financial belonged to a new category of firms that
A
had no real significance
B
extended mortgages to mainly the affluent members of society
C
extended loans to cash-strapped americans
D
helped large firms manage their businesses
3) Eisman placed a sell-rating on the company Lomas Financial Corporation. A sell-rating means...
A
none of the above
B
the analyst has identified major problems that exist at a company.
C
the stock is expected to perform better than the market
D
the analyst expects the stock to perform in line with the expected returns of the market.
4) Which of the following was not used to describe Eisman?
A
protective of women
B
a born teacher
C
sincerely rude
D
intensely suspicious
5) Eisman walked onto Wallstreet at the very beginning of a curious phase when the mortgage bond market found its fuel...
A
all of the above
B
in the debts of the least credit worthy Americans
C
in the debts Americans with extremely low credit scores
D
in the debts of major insurance companies
6) Mortgage bonds are...
A
cash flows from a pool of thousands of individual home mortgages
B
a single giant loan for an explicit fixed term
C
very similar to old-fashioned government bonds
D
rarely problematic
7) Mortgage borrowers typically repaid their loans when interest rates were...
A
none of the above
B
steady
C
decreasing
D
rising.
8) Which of the following statements is false?
A
In the 1980s, mortgage bond investors feared being paid back too quickly.
B
They were used to extend credit to less and less creditworthy homeowners.
C
Freddie Mae and Ginnie Mae were the two government agencies that set credit quality of borrowers.
D
Mortgage bonds were used to make loans that did not qualify for government guarantees.
9) The subprime lending industry...
A
was a fast-buck business.
B
was fragmented
C
attracted sleazy people.
D
all of the above.
10) Early on in his career, Elliot Eisman...
A
wrote for the financial column of the New York Times.
B
worked as a junior accountant in Manhattan.
C
worked for one of the leading banks of the subprime lending industry.
D
refused to see the sense in subprime lending.
*select an answer for all questions
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