To help keep borrowers in their homes, servicers have been offering assistance with repayment plans, temporary forbearance, and loan modifications. Comprehensive data on the success of these efforts to avert foreclosures are not available, but my sense is that there is scope for servicers to further increase their loss-mitigation efforts.
In order to enable statistics to register and map financial activity in the economy, two ingredients are needed. First, identification of the key processes necessary to produce financial services. Second, a classification of activities and products as "financial”, no matter whether they are provided by a traditional financial institution or IT companies specialized in elements of the financial value chain.