There is a host of other problems, including continuing issues in mortgage servicing, uncertainty as to when house prices will have bottomed out in local markets, ambiguity about the scope of putback risk for securitized mortgages, and the substantial part of the underwater mortgage problem that cannot be solved by refinancing.
BIS central bankers’ speeches  1  The NIS, insurance companies and pension funds are the main sources of long term funds. They need investments which will yield a dependable stream of income over many years.