John Geanakoplos of Yale University has argued for special federal trustees, empowered to insist on modifying or foreclosing impaired loans.

Dollarization raises the stakes in Country b, because it intensifies the pressure to reach a political consensus by foreclosing other options.

Dimon said he especially regretted the bank's mistakes in foreclosing on active-duty military personnel and for fumbling paperwork on other home seizures.