I would not be as concerned with how much distress is still out there. I would be much more concerned with how the govt lets/encourages the lenders to not do a damn thing about it.
The problem is not the quantity. The problem is that govt has decided that impeding the process that was supposed to be in place to liquidate the defaults was not acceptable.
It has been decided that the quantity is acceptable even if it takes 5, 10, maybe 20 years to liquidate it.
