Extend and pretend. That's the main strategy a lot of banks are currently implementing.
Essentially, if a borrower isn't paying their minimum payments, it should be classified as a default. There was however a rule change. Banks can offer the borrower to pay a smaller portion of the minimum and add the rest on to the total balance. As long as the lower payment is payed, it's not counted as a default. On the books it looks like they're paying the full amount. That's why default rates are flattening out even though they should be spiking.
They're currently removing multiple safety net regulations that were created in 2008...