QUESTION $5$

$05.$ Which of the following were major contributing factors to the financial crisis of $2008?$

$($a$)$ The Bush Administration tax cuts.

$($b$)$ The "securitization" of substandard mortgages by Fannie Mae and Freddie mac.

$($c$)$ The lowering of mortgage underwriting standards during the Clinton Administration.

$($d$)$ Deregulation of banking in the G$.$ W$.$ Bush Administration.

$($e$)$ The "mark to market" accounting rule