CFAI Error in Sample 2 MBS Question

CFA Level III
#1

I know this is getting a bit old – but the second question on Sample 2 contained an error. Twice during this item set the sample question is as follows (I quote directly from my screen prints): BASED ON THE RESULTS IN EXHIBIT 1, DOES MULLOTH’S ANALYSIS SHOW THAT HE IS MOST LIKELY RECEIVING SUFFICIENT SPREAD ON THE GINNIE MAE 5.5% MORTGAGE AFTER HEDGING COSTS? I have no problem with them asking the exact identical question twice – except that the first time the guideline answer is NO, and the second time it’s YES!. I believe that the intention on the first question was to ask something else altogether based on the guideline answer. I really don’t want to be a CFAI - hater, but the error rate is getting a bit high around here. When they say nobody ever got 100% on a CFA exam, I didn’t know they included the test-writer. And, yes, in case you were wondering, this flub did prevent me from officially (though not technically) tying McLeod’s outstanding sample score of 97%. Now I’m forced to take Sample 3. Urgh.

#2

Wasn’t exhibit 1 the two bond hedge? If I remember correctly there was a net 7 or 70 bps cost to the two bond hedge and you were getting ~170bps on the MBS spread. Was the other questions based on the two bond hedge in exhibit 1?

#3

I think I remember the questions now. Based on my understanding they are not in error.

#4

MW… .I have the screen prints that show the exact same question being asked twice. I can deduce roughly what the one question was based on the answer, but you can’t ask the same question twice with two different answers.

#5

Give me a ring.

#6

I had a lot of trouble understanding this question. Can you explain what they mean by “sufficent spread” and how you would calculate/interpret what it would be?

#7

I *hate* those #%*)%( samples. The red box of DOOM drives me insane. And the prompt questions and answer keys sound like they were written by a robot.

#8

i noticed the same thing, the first time it asked the question, the given multiple choice answers made no sense

#9

last year they had more errors in the sample… this year they are better/