Indeed, the BOE itself not the banks is the greatest source of forbearance: ultralow interest rates encourage banks to restructure loans rather than repossess homes or push businesses into bankruptcy.
For customers experiencing financial hardship, Chase may restructure loans to reduce interest rates, waive late and over-limit fees, and extend repayment terms through a variety of internal and external payment programs.
The recession the Fed is trying so desperately to prevent must be allowed to run its course so that the economy that we have developed over the last decade, the one that is overly reliant on low interest rates, borrowing and consumer spending, can finally restructure itself into something healthier.