Adjustable-rate mortgages contributed to the housing bubble and the financial crisis for all of the following reasons except:

when the market interest rates increased, people were unable to make their monthly payments.

banks were no longer able to securitize these types of loans.

the originate-to-distribute model put pressure on banks to give people who had no jobs, no income, and no assets (NINJAs) mortgage loans.

all of the above are true.