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From an investor's point of view, a mortgage-backed security is equivalent to holding a long position in a non-prepayable mortgage pool and which of the following?
A
A long American call option on the underlying pool of mortgages.
B
A short American call option on the underlying pool of mortgages.
C
A short European put option on the underlying pool of mortgages.
D
A long American put option on the underlying pool of mortgages.