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　　In the seven friction about the subprime loan market, which ofthe following friction are/is due to moral hazard
　　(1) Friction between Mortgagor and Originator
　　(2) Friction between Arranger and Third-parties
　　(3) Friction between Servicer and the Mortgagor
　　(4) Friction between Servicer and Third-parties
　　A. (3)
　　B. (1)(2)
　　C. (3)(4)
　　D. (2) (3) (4)
　　Answer:C
　　Friction between the mortagor and originator is due to predatory lending.And friction between the mortgagor and originator is due to adverse selection, that is, when one party possess important hidden information. the friction between servicer and mortgagor is because the servicer has the little mcentive to expand effort to pay insurance premium and to maintain a property close to foreclosure. The friction between servicer and third-parties is composedof fiction between asset manager and friction between credit rating agencies.