Finance Question - Financial markets

Problem #1

In the financial crisis of 2008, the issue of securitization was paramount.  What is securitization?  How does it work?  A simple explanation from the mortgage industry is sufficient.

Problem #2

Briefly describe the Glass-Steagall Act of 1933 and its eventual repeal.  Was it a good idea or bad?

Problem #3

Name three rating agencies and describe their role in making capital markets efficient.  Also, explain how GAAP should also contribute to market efficiency.

Problem #4

Do a net search for Fischer Black’s article titled “Noise” published in 1986.  Please read the paper and prepare a few paragraphs of how “noise” impacts the functioning of markets today.