3. In the years leading up to the 2008 financial crisis, banks that engaged in mortgage lending activities increasingly shifted their investment behavior from a originate-to-hold model to a originate-todistribute model, where the originator of a loan sells it to various third parties. a) What are the benefits of an originate-to-hold model and an originate-to-distribute model? (3 points) b) How did the originate-to-distribute model relate to the financial crisis? (2 points) c) After the financial crisis, some public and media argued that banks should completely discard the originate-to-distribute business model. Do you agree? If you agree, please explain the reasons. If not, please state how should regulators do to improve it. (3 points)