Explain efficient contracting and how it serious a consequence can result from the lack of conservatism? a$)$ Why would a company $($a sub$-$prime mortgage lender$)$ retain an interest in some of the mortgages it originated, rather than selling all of them on to investors via securitization$?$ b$)$ Why would the company commit to repurchasing delinquent mortgages? c$)$ Suppose that the derecognition provisions of ifrs $9$ and the disclose provisions of ifrs $7$ and $12,$ outlined in section $7\mathrm{.}8,$ were in effect from $1995$ the date the company was formed. Could the company's filing for bankruptcy protection have been avoided? discuss?$$