HSBC does not believe Bermuda will see a high number of foreclosures this year.The bank's Deputy CEO Richard Mosley said unlike the US, Bermuda was a more conservative market where people work hard to retain a ‘piece of the rock'.Last year less than ten HSBC mortgages were brought before the Supreme Court for foreclosure; Mr Mosley said it was something they worked hard to prevent.“A couple of years ago HSBC tightened the criteria for mortgage lenders,” he said. “We focused more on an individual's earning potential and placed less emphasis on their investments.“We have urged our customers to come forward at an early stage if they are having problems meeting their payments, rather than sitting on it.“We help them budget more carefully, look at their debt levels and spending levels and see if the loan can be restructured if they have the financial wherewithal to ultimately pay it back. Some customers have also been told they should consider downsizing.“We have helped customers from going into foreclosure.”He added the foreclosure process was expensive for everyone involved and something they looked to avoid.Mr Mosley said unlike the US, which saw 2.9 million foreclosures in 2010; Bermuda was a more conservative banking environment and therefore would not see a high number of foreclosures.In addition to that the mentality of residents is different.“There won't be a housing bust,” he said. “In Bermuda it is a much smaller community, the bank know who their customers are, and we know where they live.“Unlike the US you don't have people just walking away from properties. People want to work through any problems. They want to keep their piece of the rock.”