Very much so. You hit both nails on the head there.
No lender wants to have to liquidate a whole bunch of properties. It's quite an expensive and labour-intensive process, and you really do create dislocations for families, which nobody really wants.
You also don't want to create a glut of inventory in any given market. House price erosion is actually really poor for the local economy. We talked about the wealth effect, or the psychology of people's expectations as their own financial security starts to reduce.
It's in everybody's best interest, frankly, especially given that we are at historically low interest rates at the moment, to allow folks the opportunity to be able to capitalize whatever the deferred portion of their mortgage would be. It would probably be quite a small long-term additional interest cost to them, frankly. The financial institutions would be far happier to be able to see that loan return to being a performing loan rather than to have to go through a foreclosure process and actually liquidate the property.