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8.      How would you describe the typical price behavior of a low premium mortgage pass-through security?
　　A.     It is similar to a U.S. Treasury bond.
　　B.     It is similar to a plain vanilla corporate bond.
　　C.     When interest rates fall, its price increase would exceed that of a comparable duartion U.S. Treasury.
　　D.     When interest rates fall, its price increase would lag that of a comparable duration U.S. Treasury.
　　答疑：这道题主要考察的是提前偿付问题，mortgage pass-through security通常存在提前偿付的问题，一旦利率下降，借款人可以以更低的利率进行融资，因此会提前偿还之前的借款，然后重新借入一笔利息更低的借款。所以这样的债券当利率下降的时候价格虽然会上升，但是相对于普通的的债券来说上升得比较少。