The PIA can restructure unsecured and secured debt, including mortgage debt, provided there is agreement by a majority of relevant creditor classes. This new legislative framework has shifted the balance in favour of borrowers, which is welcome and needed; and this needs to be factored-in to bank decision-making.
(2013), “The decline in illegal immigration from Mexico.” http://www.becker-posner-blog.com/2013/03/the-decline-in-illegal-immigration-frommexico-becker.html  5  See Peri, G. (2012), “The effect of immigration on productivity: evidence from U.S. states.” The Review of Economics and Statistics, 94(1): 348–358; Hinojosa-Ojeda, R. (2012), “The economic benefits of comprehensive immigration reform.” Cato Journal, 32(1). 2  BIS central bankers’ speeches  energy sector, among others.