Which of the following scenarios represent(s) a major source of systemic risk? Check all that apply.

a) The Federal Deposit Insurance Corporation (FDIC) was created in 1933 to provide stability to the banking system, and it prevents widespread investor panic that could cause things like runs on the banks.

b) Origin Savings and Loan Association originate thousands of subprime mortgages that are then sold to commercial banks, securities firms, and other savings institutions.

c) Smallwood Bank, which is a fictional bank with only 100 deposit accounts among its members, fails one day and is unable to meet its obligations.

d) New Leaf Investment Bank relies heavily on short-term debt to finance their operations and uses their holdings of mortgage-backed securities as collateral. Suddenly the prices of mortgage backed securities plummet, and they can no longer issue short-term debt to pay off the principal on maturing debt.