A secondary market for mortgages

Which of the following hindered the development of a secondary market for mortgages in the early $20$th century? Check all that apply.

Institutional investors could not assess the default risk of every single mortgage.

It was impossible to turn illiquid assets such as real estate into liquid financial instruments.

Institutional investors were not interested in small non$-$standardized financial instruments.

Institutional investors avoided dealing with financial instruments backed by the federal government, such as mortgages.

Which of the following helped foster the development of a market for collateralized debt obligations $($CDOs$)$ and collateralized mortgage obligations

$($CMOs$)$ in the $2000$s$?$ Check all that apply.

Development of mathematical models to price CDOs and CMOs

Establishment of the Government National Mortgage Association $($Ginnie Mae$)$ and the Federal Home Loan Mortgage Corp $($Freddie Mac$)$

Inflows of foreign capital

Establishment of the Federal National Mortgage Association $($Fannie Mae$)$