We need to strengthen and augment our efforts to reduce preventable foreclosures. In addition, we need to turn far greater attention to limiting the costs of foreclosures that do occur. Such efforts are not only in the interest of the affected families and their communities but also in the interest of the financial institutions involved and the broader economy.
Because much of the costs do not occur immediately after a foreclosure has been initiated and can grow with time, we must be forward-looking and affirmatively engage in efforts to mitigate the consequences now. BIS Review 15/2009  7