In some situations, lenders and servicers may want to consider using principal writedowns as a way to reduce re-default risk or to facilitate a refinancing. We are also coordinating with the CSBS, the American Association of Residential Mortgage Realtors (AARMR), and other federal agencies on consumer compliance reviews of nondepository mortgage lenders with significant subprime mortgage operations.
2  BIS Review 42/2010  The Federal Reserve’s policy response As the crisis became global, the policy response became global as well. After watershed meetings in Washington of finance ministers and central bank governors on October 10–11, 2008, many countries, including the United States, announced comprehensive plans to stabilize their banking systems.