During the 2007-2009 financial crisis, housing prices began to fall and subprime mortgages began to default. Which of the following statements is true about the rating of subprime mortgage products?

Question 7 options:

A)	The rating agencies were way ahead of the market, giving many of the subprime products junk ratings from the start.
B)	Rating agencies were not involved. Subprime mortgages could not be structured, by law.
C)	Many AAA-rated subprime products had to be downgraded over and over again until they reached junk status.
D)	None of these are true.