9. Rank the following types of mortgages by amount outstanding from largest to smallest.
I. Home mortgages
II. Multifamily mortgages
III. Farm mortgages
IV. Commercial mortgages
A. I, II, III, IV
B. I, II, IV, III
C. II, I, IV, III
D. IV, II, III, I
E. I, IV, II, III
19. A borrower took out a 30-year fixed-rate mortgage of $2,250,000 at a 7.2 percent annual rate. After five years, he wishes to pay off the remaining balance. Interest rates have by then fallen to 7 percent. How much must he pay to retire the mortgage (to the nearest dollar)?
30. Which of the following statements about GNMA is/are true?
I. GNMA provides timing insurance.
II. GNMA creates pools of mortgages and issues securities.
III. GNMA insures only FHA, VA, and FMHA loans.
IV. GNMA requires that all mortgages in the pool have the same interest rate.
A. I, II, III, and IV are true
B. I, III, and IV only
C. I, II, and III only
D. II, III, and IV only
E. III and IV only