You must also be aware about the two sets of Codes that BCSBI has developed for its member banks, namely: •  Code of Bank’s Commitment to Customers and  •  Code of Bank’s Commitment to Micro and Small Enterprises  These Codes are reviewed periodically with a view to incorporate all the relevant regulatory guidelines, contemporary developments in the banking sector and evolving customer expectations.
A recent estimate based on subprime mortgages foreclosed in the fourth quarter of 2007 indicated that total losses exceeded 50 percent of the principal balance, with legal, sales, and maintenance expenses alone amounting to more than 10 percent of principal. With the time period between the last mortgage payment and REO liquidation lengthening in recent months, this loss rate will likely grow even larger.