The principles are: operational efficiency, a strong market orientation, simplicity and transparency and equal treatment of counterparties. The post-crisis operational framework needs to be designed in a way that creates the proper incentives for the banking community to assume its responsibilities and take the appropriate decisions in a timely manner to shape a healthy banking sector at the service of the real economy.
We have called on mortgage lenders and servicers to pursue prudent loan workouts and have supported the development of streamlined, systematic approaches to expedite the loan modification process.