I. The CDS was initially created to help banks hedge credit risks of loans and bonds on their balance sheet. a) In a standard CDS contract, why does the market refer to the buyer of credit risk as the seller of protection? ( 2 marks) b) We discussed a number of sellers of protection. Name the major sellers in the lead up to the subprime mortgage crisis. When the crisis struck in 2007, which seller was more successful? And which was much less successful? What was the key to success for the former? (4 marks)