BIS Review 6/1999  –3–  The press tries to categorize FOMC members as “hawks” and “doves.” These labels are an effort to simplify, in fact oversimplify, the complex choices that each member of the FOMC must make in deciding how to trade off the risk that action, or inaction, on our part will lead to inflation heating up to unacceptable levels, as opposed to having an inadequate creation of jobs.
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.