Mr. Brendan Burgess:

I agree with the Senator. The banks absolutely have a social responsibility. It is very clear. Mr. Hall has said that 90% of his 8,000 customers have stayed in their homes. I imagine that Mr. Hall's figure might be a bit higher than the figure for ordinary people going into their banks, but it is roughly the same. The banks reschedule approximately 90% of homes. They show extraordinary forbearance. This is one of the problems with the vulture funds. People tend to be critical of the banks, but they have restructured 90% of loans. I suggest that loans which are sold to vulture funds are less likely to be restructured. I agree with the Senator that the banks have a social responsibility. I think they show that. They take legal action as a last resort. Different banks have different strategies. It is really only when people are paying nothing that the banks take legal action.