which of the following was a primary reason the risk modeling used to design the CDOs$/$subprime notes that were central to the $2008$ crisis was inadequate in terms of modeling the downside risk?

Multiple Choice

The modeling did not anticipate the monetary policy responses that would take place.

The modeling did not account for incentives of financial firm CEOs to take on excessive risk.

The historical data upon which the models were built did not include substantial real estate price declines across all geographic markets at the same time.

The historical data was built using home prices instead of condominium prices.