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