There are still several sticking points – starting with a lack of standards and ranging as far as data protection problems, and, in particular, the impasse in negotiations on cross-border coordination between the United States and Europe. Progress has also been mixed on the “too big to fail” issue – more specifically the implementation of internationally agreed standards for resolution regimes.
And I will return to the important role of loan modifications in reducing the number of foreclosures to be processed. Risks to consumers Consumers and consumer counselors have been quite vocal in their frustration over unreturned phone calls, lost documents and changing decision criteria that have plagued the loan modification process.