Mr. David Hall:

While it is against my religion to say this, banks are currently voluntarily restructuring loans although they are not required to do so. While we have made an assumption that banks will automatically continue to restructure loans, the Central Bank does not compel anybody to do this. No contract or mortgage contract in the State requires anybody to restructure a loan or to engage in any modification of the loan. The loan simply says, "If you default on this, we take the property", and that is it. This is a very important departure because when people say, "We will transfer loans and the contract remains the same", it is utterly meaningless, especially for this cohort of people who have breached their contract by not making mortgage payments because they cannot, and, therefore, it is irrelevant what is in the contract. The contract does not protect in any shape or form, nor does it bind the loan owner to do any level of restructuring or give any level of help.