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The decline in house prices from their late-2007 peak levels has also made housing equity withdrawal less attractive, and is likely to encourage further repayment of mortgage debt in the near term at least, he added.
Analysts had expected only one member to vote for a rise, which would push up the costs of mortgages and other credit for many borrowers and could lead to further repayment problems.
He asserted that, "The government, ex parte, sought and received an order effectively closing the doors of these publishing businesses, all of which were involved in First Amendment activities, effectively preventing the further repayment of their debts".
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Further repayments followed, along with hefty interest and fees.
Investors were told then that further repayments to preference shareholders were dependent on Harmoni being sold.
The company is still in negotiations with its banks, including HSBC, Lloyds, RBS and Standard Chartered, which together are owed around $5bn, in the hope of achieving a standstill agreement on further repayments until it can restructure $22bn of its debt.
When such debts were repaid, vendors reported that they would gradually offer customers higher levels of credit, contingent on further repayments.
The implementation of market power further strengthens deferred repayment.
The group said it offered to take a 40% haircut while some groups further down the repayment chain were allowed recoveries of 50% or more.
If the DOE recommends further extensions to repayment plan eligibility, this profit shortfall certainly won't be one-time thing.
That would involve negotiations with banks and bondholders in which Athens might try to reduce its obligations or push repayments further into the future.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com